China

In this round up, US president Donald Trump claims DC trade talks solved some of toughest problems, FX reserves rise again, and Caixin PMI brings confidence in China’s economic recovery.

Xinyuan Real Estate Co priced a $200m bond that came with a 14.2% coupon, as heavy supply continues to weigh on the Chinese high yield real estate bond market with both new issue concessions and secondary performance suffering.

Future Land Development Holdings’ new dollar bond crashed in the secondary market on Thursday, following an aggressively priced deal the day before. Rival bankers questioned both Future Land's pricing and the timing.

Tencent Holdings this week sold the largest dollar bond by an Asian issuer in more than a year, offering a five tranche deal that spanned five to 30 year maturities. In doing so, it also managed to achieve one of the flattest 10-30 year curves for a technology company new issue, writes Addison Gong.

Industrial and Commercial Bank of China (ICBC) and China Citic Bank are eyeing a total of Rmb120bn ($17.9bn) perpetual bonds, adding heavy supply to a market opened by Bank of China in January.

Xinjiang Transportation Construction Investment Holding Co, a local government financing vehicle (LGFV), priced a modest $160m on Wednesday to refinance an upcoming maturity.

Chinese game streaming platform Huya Inc has launched a potential $550m follow-on offering, less than a year after settling its New York IPO.

China's New Century Real Estate Investment Trust is tapping onshore and offshore loan markets for its latest deal.

Streaming platform Bilibili pulled off a combined convertible bond and American Depository Share (ADS) placement this week, raking in $737.4m after the fundraising was increased following strong Asian demand. The deal comes just a week after its larger peer iQiyi sold a record ADS convertible. Jonathan Breen reports.

Deutsche Bank has promoted Haitham Ghattas to co-head of its financing and solutions group in Asia Pacific, following Jake Gearhart’s relocation to the US.

BOC Aviation sold its second dollar bond of the year on Tuesday, snapping up $750m from the sale of a 5.5 year trade, after raising $500m from a five year bullet in January.

China’s Jiuquan Iron & Steel (Group) Co, or Jisco for short, was able to find enough demand on Tuesday to cover its first international bond — a deal months in the making — raising $300m.