China

Logistics company GLP is returning to the Panda bond market for the fifth time this year, hoping to raise up to Rmb4bn ($634.3m) on the Shenzhen Stock Exchange. Its outing comes at a slightly difficult period in China’s onshore bond market.

Beijing Enterprises Water Group (BEWG) raised $500m on Tuesday to retire a bond maturing in May, finding support from investors despite the numerous unrated state-owned options available to them.

Central China Real Estate was back in the offshore debt market on Tuesday with a Singapore dollar deal, just a week after sealing a US dollar bond.

Investors gave Car’s first Panda bond in a year the cold shoulder on Monday, forcing the company to shrink its deal. The red-chip borrower suffered as onshore investors retreated following initial excitement over the central bank’s announcement to boost liquidity and braced for the tax collection season.

BAIC Motor Corp sold new shares on Tuesday night to raise HK$3.3bn ($422.2m), boosting the deal size on the back of demand from outright accounts.

Metallurgical Corporation of China and BOC Aviation found strong investor support for their bonds on Monday, with the former bagging Asia’s first senior perpetual bond in more than a month and the latter walking away with an over six times covered transaction.

Two Chinese companies have filed draft IPO documents in Hong Kong a day before the bourse rolls out its plans to encourage listings from the new economy sector.

Fortune Auto Finance sold two floating tranches in China’s securitization market on April 20. It captured the onshore market’s optimism on the back of the People’s Bank of China’s announcement last week to release extra liquidity through a reserve requirement ratio (RRR) cut.

Companies trading on China’s over-the-counter market can now list in Hong Kong.

BOC Aviation, Metallurgical Corporation of China (MCC) and Bumi Serpong Damai were the first out of the gates on Monday morning with their new bond deals, as the Asian debt market prepares for an onslaught of supply.

China’s stock market regulator has named Legend Holdings, parent of technology company Lenovo Group, as the first to take part in its H-share convertibility pilot programme.

Yuexiu Real Estate Investment Trust, the only Chinese Reit to have issued bonds offshore, returned last Friday for a $400m three year deal, pricing it slightly inside its parent company’s curve.