China

Fosun International, China Grand Automotive Services and China Molybdenum Co rushed out to the offshore bond market on Monday, helping kick-start a rush of issuance before Chinese New Year.

Bank of China’s Rmb40bn ($5.9bn) perpetual bond has opened up a possible path for other banks with similar funding needs, but smaller banks may still find it hard to attract investors, said analysts and bankers this week. Widening the scope of perpetual bonds so that insurance companies can purchase them will be key to solving the problem.

There was a wall of supply from Chinese property companies at the start of the week. Road King Infrastructure and Yuzhou Properties brought a pair of callable four year bonds, but Jingrui Holdings and Fantasia Holdings Group both stuck to the very short-end of the curve.

Last-minute help from China’s regulators allowed Bank of China to sell the first perpetual bond from a Mainland commercial bank, with the Rmb40bn ($5.94bn) note more than twice subscribed.

In this round-up, the China Securities Regulatory Commission (CSRC) hired from Industrial and Commercial Bank of China for its top job, Sinopec’s trading arm revealed a substantial trading loss for last year, and the annual report from the People’s Bank of China (PBoC) shows growth in both bond volumes and investor type.

Chinese firm Maoyan Entertainment has sealed its IPO at the bottom of guidance, raising HK$1.96bn ($249.8m) in Hong Kong after an extended roadshow.

Greentown China Holdings raised $400m from a perpetual bond sale on the back of an impressive $5.6bn order book, as investors rushed into the deal for its pricing and structure.

Chongqing Banan Economic Park Development and Construction Co made its inaugural appearance in the international bond market with a Singapore dollar transaction, raising S$150m ($110m).

Kuke Music Holding, a classical music service provider, is seeking the green light from the Hong Kong Stock Exchange for its IPO.

Bank of China’s Hong Kong-based debt syndicate head Sebastian Ha is leaving the firm next month.

NWS Holdings and Sino-Ocean Group Holding received more than $4bn in orders for their respective bond outings, with their deals in hot demand both in primary and secondary markets.

Hansoh Pharmaceutical Group is preparing to kick off the roadshow for its Hong Kong IPO in February after Chinese New Year, according to a source close to the transaction.