China

In this round up, the Belt and Road Summit 2019 wrapped up on Saturday with numerous deals, monthly industrial profit increased sharply in March and China reported a small capital outflow.

China’s Car Inc is out with the terms of its new money offer, following the closing of an exchange offer for its existing 2020 notes.

China International Capital Corp (CICC) priced a $1bn dual tranche bond transaction with the support of 15 banks on Thursday.

In this round-up, former Bank of China chairman Chen Siqing has been moved to be chairman of Industrial and Commercial Bank of China, China’s gross domestic product (GDP) grew 6.4% and the first batch of funds keen to invest in Shanghai tech board listing have received approval to do so

Chinese property developer Yango Group Co priced a $150m tap of a recent two year bond on Thursday at a level that 62.5bp inside where the original bond landed less than a month ago.

In this round-up, numerous agreements were signed on the sidelines of the second Belt and Road Summit, US-China trade negotiations will continue next week and Chinese president Xi Jinping replied to a letter to students from an America high school

China’s Ascentage Pharma Group International has refiled a prospectus for its second attempt to list on the Hong Kong Stock Exchange (HKEX).

Profit Reach International, an investment vehicle owned by Chinese billionaire Shen Guojun, has closed a $550m refinancing, attracting 12 participants during syndication.

China Forestry International Resources (CFIR) is struggling to obtain its lenders’ consent for a covenant waiver on a loan from 2017. The covenant was breached when CFIR’s state-owned parent, China Forestry Group, provided a guarantee for a $150m deal for another subsidiary launched in February.

Chinese local government debt issuance ramped up in the first quarter of 2019, with investors at home and abroad more enthusiastic about offshore bonds from local government financing vehicles (LGFVs). But they continue to be selective over which credits they buy — just as more deals are set to be launched, writes Addison Gong.

Mercedes-Benz Auto Finance pulled off its biggest auto loan ABS deal to date on Tuesday at its tightest price since 2017, despite a last minute regulatory probe into the originator. But the apparent success owed plenty to the lead underwriters’ co-ordinated efforts to keep the issuer happy and the primacy of credit ratings to international buyers, writes Rebecca Feng.

China Construction Bank sold a Rmb10.25bn ($1.53bn) four-tranche RMBS on Tuesday with an international rating.