China

Ireland is looking at the possibility of issuing its first ever benchmark inflation linked bond in 2019, amid an expected surge in the euro public sector linker market this year. Meanwhile, Portugal is waiting for the final approval of its inaugural Panda bond, which will be sold as part of an Rmb6bn three year programme.

Research by a US thinktank shows that the World Bank will have to carry out major reform of its lending to China to meet US-driven goals to focus loans on projects with benefits outside wealthy provinces. By Phil Thornton

A jump in foreign holdings of Chinese government bonds (CGBs), combined with the upcoming inclusion of CGBs in global indices in April, is set to improve liquidity in the mainland’s secondary debt market and gradually widen the scope of international investor participation, writes Rebecca Feng.

China’s Road King Infrastructure nabbed $400m from a bond that was priced 50bp inside of initial guidance, on the back of the largest order book for an Asian deal recently.

Anta Sports Products has launched its €2.2bn loan to back the acquisition of Amer Sports Oyj into general syndication, with HSBC joining the bookrunning group.

Railway and toll road constructor Shandong Hi-Speed Group became the latest issuer to opt for a short tenor for its bond this week, in a bid to speed up the issuance process while keeping the yield low.

China YuHua Education Corp has launched bookbuilding for a sub-one year convertible bond that could raise up to HK$800m ($102.1m).

Zhenro Properties Group bagged $200m from a short-dated bond on Tuesday — being strategic with its choice of a 363-day tenor, while also finding an opportunistic issuance window on a day market sentiment was on a high.

China Water Affairs has closed a $300m loan launched last November, with 16 participants joining the deal in syndication.

Société Générale is strengthening its debt capital market capabilities in Asia Pacific by creating a new Japan team under Yohei Abo.

Haitong International Securities has returned to the loan market for a HK$13.8bn ($1.7bn) refinancing led by a 16-strong group of mandated lead arrangers and bookrunners.

The National Association of Financial Market Institutional Investors (Nafmii) is gearing up to unveil new standards for the Chinese rating industry this year.