China

The new World Bank president used his first public statement to pledge to increase efforts to ensure China was more transparent in its lending to Africa.

Asian investment grade issuers returned to the market in droves this week, giving some welcome supply to investors who have been overwhelmed by high yield names since the start of the year. But the surge is likely to be short-lived. Addison Gong reports.

Bank of China sold another blockbuster Belt and Road transaction on Wednesday, raising $3.8bn across eight tranches of notes in five currencies across five bank branches, It was the largest transaction sold under the BRI label.

Chinese internet data centre provider 21Vianet Group raised a $300m note on Tuesday after bondholders agreed to tender over half of an old $300m bond that will become puttable in a few months.

Genius Auto Finance, a joint venture between Geely Automobile Holdings and BNP Paribas Personal Finance, has raised Rmb3bn ($446m) from a three-tranche auto ABS. It was the tightest such deal this year, after receiving plenty of demand from foreign banks.

CCB Financial Leasing, a subsidiary of China Construction Bank, has returned to the syndicated loans market after a four year absence.

China has in the past used panda bears for political gestures, loaning the rare creatures to countries with which it wants to forge ties. The bond market named after them looks similarly endangered, while deals priced there are also nothing more than international relations votives.

China’s Yuexiu Property Co raised HK$1.1bn ($140.2m) from an exchangeable bond sale on April 8, attracting an order book that was more than three times oversubscribed.

Hollysys Automation Technologies is seeking nearly $180m from the offering of additional Nasdaq-listed shares.

Three Chinese property companies battled in the primary market on Monday with competing supply. While high yield issuers have been able to sell bonds at ultra-tight prices of late, the weight of supply has started to force issuer’s to pay more to borrow.

Chinese plastic surgery platform So-Young International is seeking $150m from a US IPO, according to a filing made with the US Securities and Exchange Commission on April 8.

Bank of Communications Financial Leasing is tapping the offshore loan market for $200m green loan, just one month after it launched an onshore facility.