China

China Jinmao Holdings Group priced its third perpetual bond of the year on Monday, raising $300m from a subordinated deal that will mainly be used to repay bank loans.

A group of four lenders has joined a $300m loan for China Modern Dairy during general syndication. The newcomers were not scaled back from their initial commitments.

Chinese steel maker Shougang Group has turned its attention to the offshore loan market, sending an invitation for an up to $300m financing a month, after nabbing $400m from bond investors.

China Huarong Asset Management Co started taking bids for a five tranche, dual-currency bond on Tuesday morning. It wants to become the first Chinese financial institution to sell offshore bonds after the sovereign tightened the curve with a landmark deal last week.

The securitization market in China is “on a tear”, according to Bank of America Merrill Lynch analysts, and with supply set to greatly outpace that of European ABS, investors should be looking at the Chinese market more closely.

Tencent-backed China Literature has closed books on its red-hot HK$8.3bn ($1.1bn) Hong Kong IPO a day earlier than planned, although there was no firm price guidance from the lead banks.

Wanda Holding Group has picked the lead manager for its dollar-denominated Reg S bond, and is meeting investors in Hong Kong on Monday. Tianqi Lithium, meanwhile, is looking to raise $300m from an offshore bond.

China Jinmao Holdings Group was back in the market on Monday morning with its third perpetual deal of the year, this time approaching investors with a subordinated structure.

China is weighing the possibility of making its non-RMB sovereign bond issuance more regular, Russia’s Rusal could soon sell RMB bonds in its domestic market, and Bank of Jamaica is discussing whether to hold RMB in its reserves.

AVIC International Leasing Co, the leasing arm of China’s state-owned aircraft manufacturer Aviation Industry Corporation of China, will kick off a Reg S roadshow from Tuesday. CNQC International Holdings, meanwhile, is meeting accounts in Singapore for a bond in the local currency.

Sogou, the internet search arm of US-listed Sohu.com, has kicked off bookbuilding for a $585m IPO on the New York Stock Exchange.

Two A-share smart beta exchange traded funds (ETFs) list in Hong Kong, the central bank of Cambodia wants the country’s businesses to use renminbi to trade, and Industrial and Commercial Bank of China (ICBC) agrees to co-operate with New Development Bank (NDB) on financing the Belt and Road Initiative (BRI).