China

Shandong International Trust has brought in five Chinese cornerstone investors to take up just under half of its HK$3.5bn ($449.8m) IPO in Hong Kong.

China’s Alibaba Group Holding, which wowed the debt market three years ago with the largest G3 bond on record from Asia ex-Japan, is preparing for a comeback, mandating banks for its upcoming dollar outing.

Shenzhen-Hong Kong Stock Connect northbound trading hits new high, BlackRock strategist says Belt and Road will bring about new opportunities in Asia for long term investors, and United Overseas Bank (UOB) opens a new branch in Kunming, Yunnan province.

China Construction Bank Corp launched a triple-tranche dollar deal on Monday through its Hong Kong branch.

State-owned coal miner Yankuang Group Company sold its inaugural $400m dollar deal on Thursday, taking advantage of a quiet day in the debt capital markets. Although some analysts thought the issuer left something on the table, the deal held firm in secondary market.

Volkswagen Finance (China) wrapped up its third asset-backed securities (ABS) deal on Friday, raising Rmb3.5bn ($531.8m). The company was forced to extend bookbuilding into a second day amid rising bond yield in the Chinese market.

The deputy governor of the People’s Bank of China says markets forces are the main driver behind renminbi internationalisation, Bank of China’s index shows onshore RMB bond yields stayed above their offshore counterparts last month, and Pakistan refuses to use the renminbi in the Gwadar Free Trade Zone – part of the China-Pakistan Economic Corridor.

Property developer Country Garden, which holds the record for selling the Panda market’s largest bond, has obtained approval for a Rmb9.5bn ($1.44bn) issuance programme, the company said in a filing on Hong Kong Stock Exchange on Thursday.

Greatship (India) and Sino Horizon Holdings are in the market with their latest financings, each offering three ticket levels.

The Province of British Columbia (BC) completed its second Panda bond on Wednesday, raising Rmb1bn ($150.9m) from a three year deal. The issuer went ahead with the deal despite rising yields in China – pushing the coupon to the top half of the guidance range.

Chinese local government financing vehicles Binhai Investment Company and Qingdao City Construction Investment (Group) took advantage of their investment grade credentials to raise a collective $1.1bn from bonds on Wednesday.

Times Property Holdings sealed a $300m deal on Wednesday in a market that continued to prove difficult, while Orient Securities raised $500m from a 2022 bond to keep its investor base alive.