China

Cifi Holdings (Group) Co, a Chinese real estate developer, made its second venture into the offshore renminbi bond market on Tuesday, taking Rmb1.6bn ($233m) from a tightly priced issuance.

A busy day for bond issuance from Chinese property companies offered investors a dash of variety, as investment grade rated China Jinmao Holdings Group vied for attention amid a slew of deals from high yield credits including Kaisa Group Holdings.

Chinese biopharmaceutical company Alphamab Oncology is planning to start sounding out investors for its Hong Kong IPO later this week, according to a source close to the transaction.

Ford Automotive Finance is set to join the Chinese auto loan ABS issuance spree with a Rmb4.776bn ($695m) four-tranche deal on July 23. After this transaction, the originator will have raised a chunky Rmb31.6bn from the market since its debut five years ago.

Online education platform Youdao is working with a pair of US banks for a potential New York listing, according to a source familiar with the matter.

Shandong Qingyuan Group Co, a Chinese petrochemical company, has made a quick return to the loan market with a $750m syndicated facility, six months after closing a club deal.

Chinese robotics company CloudMinds has started sounding out investors for a $500m IPO of American Depository Shares (ADS) on the New York Stock Exchange, according to bankers close to the situation.

Heavy bond supply last week from Chinese property developers took a toll on Fantasia Holdings Group Co, which failed to tighten pricing on a $200m bond on Monday. But China Hongqiao Group, an aluminium maker, found solid response from investors due to a lack of issuance from industrial credits.

Six months after receiving the licence to rate Chinese domestic issuers and their issuance programmes, S&P Global (China) Ratings has provided its first rating in the Mainland.

China’s National Development and Reform Commission (NDRC) has tightened restrictions on Mainland property companies raising offshore bonds, prompting DCM bankers to take stock and determine the impact on the debt market.

China’s Wanda Sports Group began a week-long bookbuild on Monday morning, with a plan to raise as much as $500m on the Nasdaq.

Nine Dragons Paper has moved a HK$3.9bn ($498m) loan into general syndication, giving a small group of banks two weeks to make a decision on the deal.