China

China Grand Automotive Services Co redeemed itself in the offshore bond market on Tuesday, grabbing $400m from a much smoother deal than its December debut.

China Literature’s IPO in Hong Kong, set to raise up to HK$8.3bn ($1.1bn), has been hotly received by investors. Books were well oversubscribed with no price sensitivity at the range given, said a banker at one of the leads.

Tus-Sound Environmental Resources Co, a waste recycling company from China, is eyeing a $300m maximum size three year bond, which will be its debut in the offshore market.

Bank of China’s aircraft leasing arm, BOC Aviation, priced a $200m tap of its outstanding 10 year bonds on Tuesday through where bonds were quoted in secondary markets.

Westpac has hired an ex-BBVA banker to helm its Greater China operation as the Australian lender looks to further its reach in the region.

While China has presented Panda bonds as a key pillar of renminbi internationalisation, the market has long been dominated by Chinese red chip companies raising cash for their onshore operations. Regulators are now looking to change that by bringing more sovereign issuers into the market, experts told GlobalRMB.

Nasdaq-listed Weibo Corp has opened books for the sale of up to $800m in convertible bonds, in its first outing to the equity-linked market.

China’s Ministry of Finance (MoF) has criticised international credit rating agencies for their rating downgrades in a statement on October 24, in which it also explained its rationale for issuing the country’s first dollar bond since 2004.

China Huaneng Group, one of the country’s biggest state-owned electric utility enterprises, priced a $500m senior perpetual bond on Monday. Execution was smooth thanks to the company’s status as a central state-owned enterprise (SOE) and its market position, but time is needed for it to perform in secondary.

Recent deals are breathing life into a dim sum bond market that has faced a drought in supply. And with market conditions turning in the sell side’s favour, more issuers should syphon off this renminbi funding stream.

BOC Aviation is looking to add to its September 2027s, a month after the aircraft leasing company sold the initial $500m deal.

Bank of Jinzhou Co raised $1.496bn from its first additional tier one transaction on Friday, following the trend of other Chinese banks by selling a quick and dirty deal on the back of onshore investors.