China

Luxury auto dealership China ZhengTong Auto Services has wrapped up its latest borrowing at $380m.

Sunny Optical Technology (Group) Company priced a tight debut bond on Tuesday, with the notes tightening a further 15bp in secondary, showing the strength of demand for the technology sector. But despite the rally, pricing was considered spot-on by market participants.

Chinese corn oil manufacturer Shandong Sanxing Group Company and real estate developer Cifi Holdings (Group) Co raised a combined $500m on Tuesday, adding to the growing momentum in the Asia bond market.

Country Garden Holdings pocketed HK$23.5bn ($3bn) from a dual-tranche sale of shares and convertible bonds on Tuesday, pricing the equity-linked portion at the best end for investors.

Following nearly a year of waiting, red chip company Shenzhen International Holdings is finally gearing up for its Panda bond debut on the Shenzhen Stock Exchange. But the issuer appears to be cautious in its first outing, targeting only Rmb300m ($46.6m).

Property developer Country Garden Holdings is planning a return to the Panda bond market on Friday, after approaching onshore investors with a Rmb1.8bn ($279.8m) three year bond. It will be the first time the company has sold a Panda in the interbank bond market.

Chinese biopharmaceutical company BeiGene is looking to raise about $650m from a follow-on offering of American Depository Shares (ADSs), according to a filing with the US regulator.

More central banks may add the Chinese currency to their FX reserves following Bundesbank’s indication to do so, Yifan Hu, regional chief investment officer and chief China economist at UBS, said at the Asian Financial Forum (AFF) on January 16.

A $300m debut international loan for Chinese wind turbine manufacturer Xinjiang Goldwind Science & Technology has entered primary syndication, after two lenders joined in the senior phase.

Guangxi Financial Investment Group Co raised $500m from its debut on Monday — a rather large amount for a sub-investment grade government-owned Chinese credit. But the deal was priced in line with comparables, despite bankers and some accounts viewing the credit differently.

China’s offshore renminbi bond market has made a strong start to the year, with two foreign issuers already selling dim sum notes. The signs for a robust 2018 are there but the market’s return to form will be contingent on more than just issuer interest.

Three Chinese issuers are seeking fresh funding from the dollar bond market on Tuesday, with one wooing accounts for a comeback deal and the other two making their debuts.