China

In this round-up, US president Donald Trump signed the Hong Kong Human Rights Act into law despite trade tension with China, the Ministry of Finance allocated Rmb1tr ($142.2bn) of special project bond quotas to local governments and the Chinese State Council has set its sights on financing infrastructure projects.

China’s Tianfeng Securities Co, based in the Hubei province, has sold its first dollar transaction, raising a modest amount of $200m after a large price tightening.

Jiangxi Provincial Water Conservancy Investment Group Corp sold its $300m debut international bond with no new issue premium, as strong investor support allowed the Chinese company to squeeze pricing.

Chinese agribusiness company New Hope Group has returned to the offshore loan market for a $300m facility.

Dim sum MTN issuance from SSAs reached a record high in 2019, and the growth is set to continue next year. The renminbi’s inclusion in the IMF’s special drawing rights (SDR) basket and global bond indices will ensure growing appetite for the instrument, according to one MTN desk head.

FAB hires for China expansion – Wong heads to HSBC for loans – Citi nabs two HSBC real estate bankers

Zhejiang Geely Holding Group, a Chinese developer and seller of vehicles, has closed its third offshore loan of the year, raising €400m from a group of eight lenders.

Chinese car manufacturer Geely Automobile Holdings came out with its first perpetual deal this week, raising $500m while paying a small premium over its outstanding senior bond.

China Construction Bank, the largest originator of Chinese RMBS, wrapped up a Rmb11.52bn ($1.64bn) four tranche deal on Wednesday. It was just the latest of a regular series of mortgage-backed deals from the bank — but this time, it doubled-down on marketing to foreign investors.

Bank of China’s Macau branch guaranteed a $600m bond for Bank of China Group Investment (BOCGI) that was issued through a special purpose vehicle — a structure that has fallen out of favour among the big Chinese banks.

Dalian Wanda Commercial Management Group Co, a subsidiary of Chinese conglomerate Dalian Wanda Group, raised a larger-than-expected $400m bond at a premium, amid media spotlight onshore on a member of the family that owns the firm.

Two local government financing vehicles (LGFVs) from the Zhejiang province, Shaoxing Shangyu State-owned Capital Investment and Operation Co and Hangzhou Linjiang Investment Development Co, priced their inaugural dollar bonds this week.