China

The slowdown in sales and rising onshore yields will be two headwinds for Chinese property developers in 2018, industry experts told the Euromoney China Property and Consumption Investment Summit on December 6.

HNA Group (International) has mandated a Chinese institution for a Rmb5bn ($756m) private placement Panda bond on the Shenzhen Stock Exchange, according to a December 5 update on the bourse’s website.

Qingdao Conson Development (Group) Co priced its $400m international debut on Tuesday, paying what bankers considered a reasonable new issue premium against a volatile market backdrop, as the issuer took advantage of investors’ familiarity with Qingdao city.

Short selling is crucial to the development of China’s equity market, especially in attracting greater foreign participation, Lyndon Chao, head of equities and post trade at the Asia Securities Industry & Financial Markets Association (Asifma), told GlobalRMB.

Nasdaq-listed Chinese tech firm JD.com will wrap up its first international syndicated loan at $1bn, double the launch size, said bankers close to the situation.

Industrial and Commercial Bank of China opened books for a dual-tranche floating rate dollar bond on Wednesday, to be sold through its London branch.

It’s a week for issuance from Chinese local government financing vehicles (LGFV), with two firms hitting the market on Wednesday and a third company meeting fixed income accounts in Hong Kong.

China General Nuclear Power Corp (CGNPC) raised around $1.5bn from a dual currency, triple-tranche transaction on Monday, which included a green bond. The issuer’s ambition to raise funds at the long end of the curve meant it offered a juicy pick-up on the five-to-10 year dollar curve compared to other A-rated state-owned names.

Indonesian power producer Paiton Energy returned to the international debt market on Monday to add another $100m to its August bonds, in a bid to extend its debt maturity profile.

Dongxing Securities (HK) Financial Holdings has found success with its maiden loan outing, managing to raise the size of the deal to $400m from $300m.

State-authorised asset operator China Reform Holdings Corp found only marginal international support for its debut dollar bond on Monday, as the buyside struggled to relate to the company’s story and the deal’s structure.

Regulators in Hong Kong and mainland China are in no urgency to launch a primary equity link, also known as IPO Connect, senior executives at Hong Kong Exchanges and Clearing (HKEX) and the Shenzhen Stock Exchange (SZSE) have said.