China

ABC International Holdings raised $450m from a three year bond on Wednesday, thanks in part to backing from the 23 banks that ran its transaction.

Chinese property company Tahoe Group defaulted on an onshore bond this week because of struggles with tight liquidity, limited market access and poor corporate governance. But its shares still ended up soaring amid a mainland-wide rally in stocks. Addison Gong reports.

Property managers Zhenro Services Group and Greentown Management, along with developer Ganglong China, all priced IPOs this week, albeit with different responses from the market.

Chinese property companies Kaisa Group Holdings, Yango Group Co and Overseas Chinese Town (Asia) Holdings raised a combined $1.5bn from their bonds on Wednesday.

A big rally in China’s stock market this week ended up hitting bond prices onshore — and sparked worries about the sustainability of the equities rebound.

TCL Technology Group Co sold its maiden dollar bond on Tuesday, getting a 10 times oversubscribed book at its peak thanks to a standby letter of credit (SBLC) from Bank of China.

Greentown China Holdings netted $300m from a bond on Tuesday to pay off notes that are due this year.

The Shanghai Clearing House’s decision to give bond issuers insight into the holders of their debt is a smart move. China has enough regulation; what it lacks is information.

Bank of Communications Financial Leasing Co priced a $800m dual-tranche deal on Tuesday. While it initially wanted to sell just a floating rate note, it added a fixed rate portion too due to investor interest.

China Bohai Bank is set to price its Hong Kong IPO around the bottom of the marketed range on Thursday to net HK$13.7bn ($1.77bn), according to a source close to the deal.

BMW Automotive Finance bagged Rmb8bn ($1.14bn) from a three tranche auto loan ABS transaction on Tuesday. The deal was priced tightly despite difficult market conditions in China.

China Merchants Securities is planning to tap the Mainland and Hong Kong markets for a pair of rights issues that will raise a combined Rmb14.99bn ($2.13bn).