China

Shanghai Sinooil Energy Holding Hong Kong, a subsidiary of state-owned China Energy Reserve and Chemical Group, has defaulted on a $400m offshore loan.

Sinopharm raised Rmb2.8bn ($396m) from a red Panda bond on Saturday. The state-owned traditional Chinese medicine company switched to a shorter tenor to achieve tight pricing.

China Grand Automotive Services Group Co has launched an offer to exchange two dollar bonds in part, leading to a sell-off in its existing curve in the days following the announcement.

In this round-up, China and the United States emerged out of a two-day trade talk with a “phase one” deal, China’s securities regulator set dates for further opening up of onshore financial markets and the Monetary Authority of Macau plans to launch a Nasdaq-like stock exchange for the offshore renminbi market.

Chinese homebuilder Jiayuan International Group dipped into the market again on Friday, selling a $200m bond.

In this round-up, Mainland Chinese partners cut ties with the National Basketball Association (NBA) after disagreements surrounding the Hong Kong protests, China’s foreign currency reserves fell in September and UBS has received the green light to trade global depositary receipts through the Shanghai-London Stock Connect.

In this round-up, vice premier Liu He started a two-day negotiation in Washington DC, the Chinese Ministry of Finance transferred 10% of its stake in Bank of Communications into a state-run fund and the National People’s Congress released draft rules to regulate state employees’ public discourse.

Hong Kong-listed chipmaker Semiconductor Manufacturing International Corp has sealed a Rmb1.5bn ($211m) Panda bond, opting for a super short-term tenor for the many advantages it offers, said sources close to the situation.

Industrial and Commercial Bank of China raised $1bn from two Libor-linked floating rate notes (FRNs) at record tight levels, a day after its peer Bank of China paid up to issue Asia’s first dollar floater tied to a new benchmark.

E-House (China) Enterprise Holdings returned to the dollar market for the third time this year, raising $200m from its latest deal.

Yancheng Oriental Investment & Development Group Co raised $360m from a bond on Thursday, while another Chinese government-owned issuer, Shandong Shipping Corp, priced a $200m three year deal.

Regulators must tighten the rules and standardise definitions surrounding sustainable financial assets such as green bonds to attract demand from investors worried by greenwashing, the International Monetary Fund (IMF) has warned.