China

Improved market conditions and a more realistic pricing target allowed a failed deal in December from a local government financing vehicle (LGFV) to sail through this week, while two more property developers joined an offshore funding spree from the sector.

Jiumaojiu International Holdings bagged HK$2.2bn ($283.3m) this week from its IPO after bulging retail and institutional books pushed pricing to the top of guidance, according to a source familiar with the matter.

MUFG Bank has hired a veteran Citi banker to lead its corporate banking business in China.

Bank of China kicked off the year’s supply from Asian lenders by raising close to $2.5bn from three senior bonds in dollars and euros.

Chinese technology company Tencent Holdings is set to sign a €1bn club loan to support its acquisition of a stake in Universal Music Group.

Yuexiu Transport Infrastructure, a Hong Kong-listed investor and operator of highways and bridges in China's Guangdong province, sealed its second Rmb1bn ($144m) Panda bond on Thursday.

JP Morgan has issued a $575m synthetic bond exchangeable into the American depositary receipts of Alibaba, the Chinese e-commerce company.

Axis sells full Syndicate Bank loan — Onfem boosts size to HK$6bn — Indorent closes $175m borrowing with 13 banks — VPBank wraps up $200m facility — Vingroup attracts 14 lenders

Chinese real estate issuers dominated the dollar bond market this week, with 16 developers pricing deals by Wednesday. Ample liquidity and a risk-on sentiment allowed most issuers to go long and cheap, but the mid-week volatility in the global market proved costly to some companies, writes Addison Gong.

Weigao Holding Co has sold a $150m bond exchangeable into the H-shares of Shandong Weigao Group Medical Polymer Co, notching a number of firsts in the process.

Asia’s debt and equity markets made a roaring start to 2020, with dollar bonds flooding the market and companies lining up for IPOs. But the first few days of the new year have also shown that issuers, capital markets bankers and investors should be prepared for some nasty surprises.

The China Banking and Insurance Regulatory Commission (CBIRC) published draft rules for the country’s leasing industry on Wednesday. The tighter supervision is likely to have limited impact on large leasing companies, but could drive out the smaller ones.