China

Chinese real estate companies China Fortune Land Development and Ronshine China Holdings raised a combined $550m in the bond market on Tuesday, but their tight pricing did not appeal to all investors.

China’s two major stock exchanges have published guidelines on how bond issuers should change the coupons on outstanding deals, reacting to a wave of coupon reductions that occasionally led to confrontations between investors and issuers.

Everbright Water pulled a Rmb1.2bn ($170m) five year note on Tuesday, despite the leads extending bookbuilding and offering investors a juicier price.

China Yongda Automobiles Services Holdings has added HK$994.8m ($128.4m) to its coffers after selling a chunk of stock in a top-up placement.

Chinese electric vehicle manufacturer Nio hit the US market with a follow-on offering of American Depositary Shares (ADS) on Tuesday.

Shanghai Construction Group Co leveraged on its state ownership to attract investors to a $600m bond that was priced inside of fair value.

Bohai Bank’s Hong Kong IPO application was being considered by the stock exchange’s listing committee on Tuesday, according to a source close to the deal.

Far East Horizon, a Hong Kong-listed financial services firm, has returned to the offshore loan market. It is aiming to raise $1.4bn to refinance two deals maturing this year.

Central China Real Estate and Greenland Holding Group Co raised a combined $900m in the international debt market on Monday.

Hong Kong's Cathay Pacific Airways is planning a HK$11.7bn ($1.5bn) rights issue as part of a multi-billion dollar government-led recapitalisation.

Chinese issuers have been slashing the coupons on their onshore puttable bonds in an attempt to save money. They are playing with fire.

The Shanghai Stock Exchange has clarified rules around red-chip companies listing on the Star board, shedding light on some areas that have previously confused bankers in China.