China

Geely and Dongfeng-Nissan will return to the Chinese auto loans ABS market next week with a total of Rmb7.4bn ($1.1bn) of paper. But while China’s auto loans ABS market has been dominated by auto finance companies (AFCs), Ping An Bank will soon bring the first internationally rated auto loan ABS originated by a commercial bank.

Global investors lauded the inclusion of Chinese bonds in Bloomberg Barclays’ flagship index this week as the start of a new era, but onshore bankers said it was only a gesture. Perhaps they are both right. The move will force global investors into the unknown and could redraw the map for global bond investment.

Nasdaq-listed Chinese streaming platform Bilibili has opened books for a concurrent convertible bond and placement of American Depository Shares, eyeing combined proceeds of up to $614m.

Chinese real estate companies Kaisa Group Holdings, Jingrui Holdings and China SCE Group Holdings came to the market on Monday after announcing strong financial results for 2018 last week, raising $900m between them.

The Bloomberg Barclays Global Aggregate Index started phasing in Chinese government bonds (CGBs) and policy bank bonds on Monday. While global investors anticipated a new era for the Chinese bond market, onshore bankers insisted change would not happen overnight.

In this round-up, Chinese government and policy bank bonds are included in the Bloomberg Barclays Global Aggregate Index, JP Morgan and Nomura win permission to set up securities JVs and China’s Purchasing Managers’ Index (PMI) rebounds from a three-month low.

Chinese issuers have become too focused on Hong Kong when marketing their dollar bonds, panelists at Euromoney's China Debt Capital Markets Summit said last week.

Industrial and Commercial Bank of China (ICBC) is set to issue a Rmb55bn tier two bond next week and a perpetual bond later this year, GlobalCapital understands.

Country Garden Holdings Co raised $1.5bn in a dual tranche trade on Thursday. The longer dated tranche, a seven year tenor, is the longest dated bond from a high yield property borrower this year.

Logistics provider ESR Cayman raised $250m from the bond market this week, ahead of a planned IPO in Hong Kong later this year.

China Everbright Greentech, an environmental protection service provider under China Everbright International, has closed a green loan of HK$1bn ($127m).

In this round-up: January-February industrial profits plummet, Luxembourg Stock Exchange agrees to post China domestic green bond data, Shanghai tech board waves through eight more