China

HSBC has become the first international bank to acquire a joint lead underwriter licence for Panda bonds sold by non-financial issuers in China’s interbank bond market (CIBM), according to a Friday announcement by the National Association of Financial Market Institutional Investors (Nafmii).

China Lodging Group is set to bag about $425m through an offering of equity-linked notes, convertible into its Nasdaq-listed American Depository Shares.

China Minmetals Corporation is sounding out investors for its inaugural perpetual offshore bond. It will meet with fixed income accounts early next week.

The Asian bond market opened with elation on Friday, following China’s blockbuster dollar transaction on Thursday that reset the curves not only of Chinese issuers, but for the rest of Asia as well.

Hainan Airlines Holding Co on Thursday ventured out with a 364-day bond, running its deal in parallel with China’s sovereign bond. The issuer paid a premium over its curve, but the deal ended up nearly twice covered.

Latin American development bank Corporación Andina de Fomento (CAF) is gearing up for its debut Panda bond before the end of 2017, which would make it the first in the format from South America. But the deal will only go ahead if the People’s Bank of China fulfills its promise of making the issuance process easier for foreign borrowers, the issuer told GlobalRMB.

China Huarong Asset Management Co is gearing up a return to the offshore bond market for the third time this year. The mandate came right as China completed its first international bond in over a decade achieving a oversubscription of over 10 times.

Weibo Corp delighted investors on Thursday with an $800m print in the equity-linked market, the largest convertible bond by a debut US-listed Chinese issuer.

The return of Taiwanese bank liquidity to the Hong Kong and China dollar loan market is proving a boon for borrowers seeking funds for riskier deal structures. Aviation leasing companies looking for aircraft pre-delivery funding have been emboldened in particular. CMIG Aviation is the latest of that bunch to dip its toes into the offshore market, writes Shruti Chaturvedi.

Deutsche Bank has hired a senior executive from a rival to lead its technology, media, and telecom investment banking efforts in Asia Pacific.

The People’s Republic of China opened books on Thursday for its highly anticipated $2bn bond, its first issuance in the offshore dollar market in more than a decade.

Hainan Airlines Holding Co sold another short dated bond on Thursday as the company deals with the consequences of the Chinese regulator’s offshore sale approval process.