China

Chinese provincial government-owned Guangzhou Industrial Investment Fund Management Co (Sfund) saw a 14 times covered order book for its return to dollar bonds, while Yunnan Metropolitan Construction Investment Group Co was able to hit its $800m size target.

Sino Biopharmaceutical has increased its refinancing loan to $1bn after receiving a strong response during syndication.

In this round-up the Ministry of Finance cut the subsidy for purchasing new energy vehicles by more than half, Ireland-domiciled funds gained a new way to access the Chinese interbank bond market, and China's central bank opens up

Foreign investors and issuers are facing big hurdles in navigating China’s Rmb87tr ($12tr) bond market, and the even more complicated regulatory network around it. But the situation is improving and both sides still have plenty to learn from each other. Rebecca Feng reports.

Chinese property companies dominate Asia’s high yield bond market like never before. But rising volumes bring rising risks — and maturities are looming. Addison Gong reports

Chinese banks will require a helping hand to comply with international standards on loss-absorbing capacity, as they go from being part-time users of the global capital markets to big players in debt financing. Luckily for them, domestic regulators appear increasingly keen for the banking sector to be recapitalised. Tyler Davies reports

Leveraged finance loans for Chinese companies will rebound this year, driven in part by the abundant liquidity available from the private equity funds. But winning government approval for deals will remain a stumbling block. Pan Yue reports

The year started with a few headwinds for China-focused loans bankers, including uncertainties coming from the US-China trade war, rising bond and loan defaults and reduced Taiwanese liquidity. But with huge refinancing needs and a volatile bond market, many are anticipating a promising year. Pan Yue reports.

Hong Kong’s stock exchange took a progressive step in 2018 when it allowed pre-revenue biotechnology companies to list. But the initial excitement was short lived, with the stocks’ dismal performance in the aftermarket denting sentiment among issuers, bankers and investors. Will the tide turn for the sector this year? Jonathan Breen investigates.

Chinese online travel agent Ctrip.com International has launched its first offshore deal, for €600m, two years after raising a larger onshore facility.

Chinese streaming platform iQiyi, which is backed by internet giant Baidu, tapped the equity-linked market this week with a record-breaking deal — the largest American Depository Shares (ADS) convertible bond — and could help boost issuance in the asset class. Jonathan Breen reports.

Four Chinese sub-investment grade yield issuers, mostly property developers, stormed the offshore bond market on Wednesday, allowing yield-starved investors to pile in with orders.