China

China’s Hefei Guoxuan High-Tech Power Energy is back in the offshore loan market, seeking a smaller deal with a juicier price after cancelling its debut international borrowing last year.

Chinese government-related issuers Zhaojin Mining Industry Co and Yunnan Provincial Investment Holdings Group Co priced dollar bonds after what bankers said was smooth bookbuilding, defying fears that followed a recent default by a local government financing vehicle.

Far East Horizon and Asian Development Bank added a bit of life to the dim sum bond market in February, raising Rmb740m ($110.4m) between them. Bankers think looming maturities could give them more business this year.

ICBC Financial Leasing Co pulled off an ultra-tight spread on both tranches of a $1.5bn bond. The issuer built a mammoth order book with generous initial guidance but ultimately pushed investors inside fair value estimates.

When will the supply of Chinese property bonds end? Bankers detected hints of indigestion after a rush of deals last week, but that does not appear to have slowed down the mass of supply. Five more companies turned to dollar bond investors on Monday.

China’s Guorui Properties priced a smaller-than-expected new bond ahead of a looming $250m maturity on March 1. But investors are still wary of another one of the company’s bonds: a $300m deal that becomes puttable in the same month.

New Development Bank, the multilateral development bank, returned to the Panda bond market on Monday. It raised Rmb3bn ($446m) from a tightly-priced green bond.

Chinese broker Up Fintech, best known for its platform Tiger Brokers, is planning a listing of American Depository Shares (ADS) on the Nasdaq. It wants to raise as much as $150m.

Qinghai Provincial Investment Group has once again put state support for Chinese local government financing vehicles (LGFVs) under the microscope, after reportedly missing a coupon payment at the end of last week.

In this round-up, US president Donald Trump extended the March 1 trade negotiation deadline, Bond Connect established an online information platform on the Chinese primary market and the Shanghai Stock Exchange finished soliciting public opinion on tech board rules

Taishin Financial Leasing (China) is making its debut in the offshore loan market with an $80m borrowing helmed by Bank Sinopac.

Bank of Communication Financial Leasing has launched a $270m three year loan into general syndication, turning to onshore Chinese banks with stockpiles of dollars.