China

A topsy-turvy market backdrop is pushing a slew of Chinese borrowers, mainly property companies, to raise funds by tapping their existing dollar bonds. Buy side interest remains, but only for the right names, writes Addison Gong.

Jitters over Italy’s political turmoil receded slightly on Thursday, giving Asia’s stock and bond markets a bit of respite, even as talk of a trade war between China and the US reappeared.

Huifu Payment launched a HK$1.9bn ($244.1m) IPO in Hong Kong on Thursday, using Silicon Valley stalwarts Square and PayPal as benchmarks for valuations.

The Panda bond pipeline is bursting at the seams with red chip Chinese names and SSAs preparing for renminbi deals, prompting some in the market to predict a new era of growth for the asset class.

GDS Holdings added some much-needed diversity to Asia’s equity-linked market with its first print in the format on Thursday, which proved a hit with investors.

Ping An Real Estate Co closed a $250m short-dated bond on Wednesday amid continued market volatility.

Chinese alternative investment firm Citic Capital Holdings has approached the loan market for a new HK$2.5bn ($318m) borrowing.

Chinese footwear brand Belle International is returning to the offshore loan market to amend and extend a borrowing signed last year, as well as to raise funds for dividend recapitalisation.

General Motors’ Shanghai-based joint venture is gearing up for its biggest securitization transaction in China. The Rmb10.4bn ($1.62bn) notes will be up for grabs not only for onshore investors, but also those tapping the market via Bond Connect.

Jitters around Italy’s political turmoil made its way to Asia’s bond and stock markets on Wednesday, forcing debt capital markets bankers in the region to hit the pause button on deals.

Chinese used car e-commerce platform Uxin began investor education for a potential $500m Nasdaq IPO on Wednesday, said a banker on the deal.

Nasdaq-listed GDS Holdings has opened books for its debut equity-linked transaction worth up to $300m, offering investors an unusual seven year tenor and non-call life feature.