China

Chinese regulators have given their blessing to Global Logistics Properties (GLP) returning to the Panda market. The company is putting a Belt and Road spin to the issuance programme, even though proceeds are going towards a recent acquisition in Western Europe.

Mitsubishi UFJ Financial Group (MUFG) is preparing to sell a Rmb1bn ($154m) three year bond before the end of January, GlobalRMB understands. The financial institution has become the second Japanese issuer in two weeks to secure a Panda bond programme.

Chinese conglomerate Citic became one of the first movers in the dollar debt market this week, raising $750m from a dual-tranche bond on Thursday.

India’s IL&FS Transportation Networks is laying the groundwork for the first offshore renminbi bond of the year, mandating banks on Friday.

Zhongyuan Yuzi Investment Holding Group Co, a local government financing vehicle in China’s Henan province, is sounding out investors for its inaugural dollar bond.

Chinese state-owned coal miner Yankuang Group Company is making a swift comeback to the debt market after its debut just over a month ago, looking to add to its existing three year. Guangzhou R&F Properties Co, meanwhile, sold a quiet $100m tap on Thursday at a slight discount to the original notes.

Property developer Lai Fung Holdings will kick off a roadshow next week for a new dollar bond.

Asia’s leveraged finance bankers started the year hopeful that volumes would pick up. However, US regulators have already undermined those hopes, blocking Ant Financial’s high-profile acquisition of local firm MoneyGram, calling into question the chances of further outbound deals from China. Shruti Chaturvedi reports.

The Chinese regulator’s decision to kick-start a pilot scheme that will allow mainland-based holders of Hong Kong-listed stocks to convert them into H-shares is a big move, with many advantages for both stockholders and the city’s equity market. But it’s not time to crack open the champagne just yet. If the past is any example, progress will be slow at best.

China’s Yingde Gases Group Co has mandated banks for its first dollar bond sale in more than three years.

Foreign asset managers in China have started the New Year in style. Fidelity International launched two funds on January 2, covering onshore equity and fixed income, after receiving its private fund management (PFM) licence last May. The move came less than a week after BlackRock got the regulatory green light for its own PFM licence.

Chinese conglomerate Citic began marketing a dual tranche dollar bond on Thursday morning, nearly a year after its last debt sale.