China

Three Chinese property companies, Jiayuan International Group, Golden Wheel Tiandi Holdings Company and SEA Holdings, have managed to meet their respective funding targets despite hitting the dollar bond market on a crowded day.

The Chinese government contemplates RMB-denominated IPOs for mainland companies fundraising for Belt and Road projects, foreign ownership of Chinese bonds goes up in December, and premier Li Keqiang indicates the economy grew by 6.9% in 2017.

India’s IL&FS Transportation Networks sold a Rmb900m ($138.21m) offshore renminbi bond on Wednesday, making it the first high yield issuer to seal a deal in the market in more than 16 months.

Ford Automotive Finance (China) is preparing for a Rmb4bn ($614m) deal in the onshore asset-backed securities market – the first by a foreign originator in 2018. But the carmaker is not in the mood for change in the New Year, sticking with the same format it printed in last August.

The equity block trade market is heating up in Hong Kong as shares continue to rally, with banks launching one sole mandate after another.

Chinese property companies bombarded the dollar market this week in an attempt to use their regulatory issuance quotas and seal deals before Chinese New Year. But with more borrowers expected to vie for investor attention, issuers will need to navigate the market carefully — and be ready to pay up. Morgan Davis reports.

China Water Affairs has returned to the international loan market after two years for a $200m fundraising.

Crédit Agricole has moved one of its sustainable banking specialists to Asia, hoping to capitalise on what it expects to be a growing market for green bonds.

Chinese city commercial bank Bank of Shanghai Co priced a rare bond backed by a standby letter of credit (SBLC) on Wednesday, seeing an over five times covered book but leaving a few basis points on the table.

Zhongyuan Yuzi Investment Holding Group Co sold the first offshore bond from a Chinese local government financing vehicle (LGFV) on Wednesday, pricing it 15bp inside analysts’ fair value estimates.

A slew of Chinese issuers are wooing dollar bond investors on Thursday, as Philippine company Petron Corp also competes for buy-side attention.

China ZhengTong Auto Services Holdings opened books on Thursday morning for an up to HK$1.6bn ($211m) capital increase.