China

Shanghai and Hong Kong-headquartered property developer Cifi Holdings (Group) has made a quick return to the loan market. It is seeking $300m-equivalent.

Holders of Rmb6.5bn ($984m) of subordinated bonds issued by Inner Mongolia-based Baoshang Bank will lose all their investment after the firm was deemed non-viable by Chinese regulators.

JD Health International, Evergrande Property Services Group, detergent maker Blue Moon Group Holdings and video marketing company Netjoy Holdings have started pre-marketing their Hong Kong IPOs.

Asia’s primary bond market started on a slow note on Monday, surprising debt bankers who were gearing up for strong deal flow. But recent announcements from the US over China investment, coupled with rising US Treasury yields and a default in the Mainland bond market, have given issuers some pause.

In this round-up, 15 countries in Asia Pacific seal one of the largest ever trade agreements, China’s banking and insurance regulator relaxes rules for equity investments by insurers, and AllianceBernstein Hong Kong eyes a mutual fund licence onshore.

In this round-up, October headline Consumer Price Index (CPI) inflation hits a 11-year low, the Chinese and Italian finance ministers promise to work on the two-way opening up of the countries’ financial markets, and the top market watchdog readies anti-monopoly rules for the internet sector.

Chinese property management firm Sunac Services has priced its Hong Kong IPO at the middle of guidance, bagging HK$8bn ($1.03bn), according to a source close to the deal.

Government-backed Chinese issuers Shandong Hi-Speed Group Co, Wuhan Trading Group and a local government financing vehicle from Xi’an ventured to the offshore dollar bond market on Thursday. They raised a combined $880m.

Chinese dairy products manufacturer Inner Mongolia Yili Industrial Group Co made its inaugural appearance in the offshore bond market on Thursday. Huaxin Cement Co also printed its first dollar deal.

Renewed concerns over Chinese chipmaker Tsinghua Unigroup Co’s debt repayment abilities led to sharp drops in its onshore and offshore bonds this week. Addison Gong reports.

Chinese property borrowers are increasingly taking a strategic approach to managing their liabilities by tendering old notes when new bonds are announced. The trend has taken off this year, and is set to be the norm as issuers become more proactive in tackling their refinancing needs sooner rather than later. Morgan Davis reports.

A handful of borrowers have been forced to close smaller loans than expected recently amid waning interest from lenders. While bankers insist there is still plenty of liquidity, debut credits and infrequent borrowers are feeling the pinch in the pandemic. Pan Yue reports.