China

Yankuang Group Company has become the only issuer from Asia ex-Japan to venture into the dollar market on Thursday, a US holiday for Thanksgiving. But many other Chinese issuers are waiting in the wings, with a flurry of mandates announced.

Universal Medical Financial & Technical Advisory Services has doubled its debut financing to $600m, with 13 banks joining in general syndication.

Investment grade issuers China State Construction International Holdings and Shenzhen International Holdings raised $800m and $300m, respectively, on Tuesday. But their bonds struggled to perform in secondary due to lingering softness in the market.

China’s Ministry of Finance is set to hold its second offshore renminbi (CNH) bond auction of the year on November 30 in Hong Kong. The Rmb7bn ($1.06bn) offering will come just a month after China sold its first dollar bond in over a decade.

Export-Import Bank of China (Chexim) extended its curve with a 30 year dollar bond on Tuesday, part of a multi-tranche deal in which it raised a hefty $3.275bn in two currencies.

The barrage of Chinese debt issuers in the dollar market continued on Wednesday as four issuers ventured out with new bonds.

The long-awaited Shanghai-London Stock Connect is set for launch next year, a source at the London Stock Exchange has revealed.

The US Commodity Futures Trading Commission has once again extended no-action relief to the Shanghai Clearing House, stating that it will not take action against it for not registering as a derivatives clearing organisation.

The year-end bond rush is upon us, with a number of issuers from China, India and South Korea mandating banks on Tuesday for their planned dollar bonds.

GAC-Sofinco Auto Finance completed a Rmb4bn ($603.6m) asset-backed securities transaction on Monday, its first in China since 2014. The originator focused on tight pricing, thereby snubbing investors vying for a bargain, but it still gained the support of accounts familiar with its business.

Property developer Soho China has filed for a Rmb10bn ($1.5bn) medium term note programme with the National Association of Financial Market Institutional Investors, in preparation for its debut deal in the Panda bond market.

China’s Tianqi Lithium Corp raised $300m on Monday, with its dollar bond debut being more than six times covered. Several factors coincided to give the deal a fillip, including the scarcity value of the company's notes, its market leading position, and a yield pick-up over similarly rated state-owned names.