China

The Republic of Poland, the first European country to issue a Panda bond in August 2016, has finished the documentation process for its second onshore renminbi offering, GlobalCapital China understands.

Central China Securities Co opted for a short 363 day bond for its maiden dollar debt outing, testing the waters first before planning longer-dated deals and potentially getting an international rating.

Ant Group has tackled more than two dozen questions posed by the Shanghai Stock Exchange ahead of its concurrent jumbo IPOs on the Star market and Hong Kong. The digital payment firm’s ownership structure, especially its ties to Alibaba Group Holding, as well as its business model and use of the listing proceeds were under scrutiny.

Real estate-focused software company Ming Yuan Cloud Group Holdings has kicked off pre-deal investor education for its Hong Kong listing, according to a senior source close to the transaction.

CPI Ronghe Financial Leasing, a subsidiary of Chinese state-owned State Power Investment Corp, has returned to the loan market for $150m.

Chinese car manufacturer Great Wall Motors has increased the size of its loan to $700m-equivalent.

CNCB (Hong Kong) Investment, a subsidiary of China Citic Group, is planning to repay a $800m loan raised in 2018 after struggling to get consent from lenders for covenant waivers.

Chinese government-related entities (GREs) and local government finance vehicles (LGFVs) received more rating upgrades than downgrades from Fitch Ratings in the first half of 2020, but the pricing differences between bonds from quality names and weaker credits remain stark, said DCM bankers.

China’s Fulu Holdings hit the market on Monday, opening books for an IPO that could raise up to HK$890m ($114.8m).

Chinese real estate company Kaisa Group Holdings has launched a HK$4.015bn ($518m) loan to support the construction of a residential building in Hong Kong.

In this round-up, the China Securities Regulatory Commission lays out plans to attract more foreign investors, the Hong Kong police arrests 270 demonstrators for unlawful assembly, and the Shanghai and Shenzhen stock exchanges publish complementary rules for infrastructure real estate investment trusts.

Investors rewarded Zhenro Properties Group for selling its first green bond this week, pumping orders into the $350m transaction and allowing the issuer to price the deal at its lowest coupon ever.