China

Chinese micro-lender Qudian has launched bookbuilding for its IPO on the New York Stock Exchange, which could raise up to $825m, according to a banker close to the deal.

21Vianet Group priced a tap of its outstanding $200m 7% 2020s last Friday, using up the rest of its regulatory debt-raising quota ahead of a week-long public holiday in China.

As Dongfeng-Nissan Auto Finance prepares for its third transaction in China’s asset backed securities (ABS) market this year – a Rmb3.5bn ($527.4m) two-tranche deal – the originator is ditching the single tranche structure it switched to for its August transaction.

Global Logistic Properties is coming back to the Panda bond market after a year-long absence, approaching the interbank market with a Rmb1bn ($150.7m) five year note pricing on October 13. But while investors will be familiar with the issuer, the new bond bears little resemblance to GLP’s previous offer.

Industrial and Commercial Bank of China raised $2bn-equivalent from its three tranche offshore green bond debut, making it one of the largest green bond deals from a Chinese bank.

China and Luxembourg made their first collaboration in equities on September 28, launching a green stock index. But experts say that while indices such as this are necessary for Chinese green finance to grow, they are not sufficient to ensure its success.

Overseas Chinese Town (OCT) managed to capture the last window before China’s Golden Week holiday to price a $800m senior perpetual bond. Malaysia’s Yinson Holdings had a similar idea, selling a $100m perp.

Lionbridge Capital Co made a triumphant return to the dollar bond market on Thursday, closing a $160m deal it was forced to cancel earlier this year. But the market was not open to all-comers — Nan Hai Corp cancelled a mooted deal.

The Asian Development Bank (ADB) revises up its China economic growth forecast, China’s current account surplus falls to $69.3bn in the first half, and officials from the Philippines begin their roadshow for the country’s first Panda bond issuance.

JD.com has rolled out its first international syndicated loan and the $500m deal has already attracted a lot of attention from banks. The Chinese e-commerce company is loss-making but lenders are enticed by the prospects of ancillary business and an expected improvement in its financial position after the recent spin-off of JD Finance, reports Shruti Chaturvedi.

A default from a Chinese local government financing vehicle (LGFV) is looking increasingly likely, showing how fragile the dollar debt market in the region can be. The risk is certainly there, but DCM bankers are sceptical it could cause a repricing in the offshore bond market, writes Addison Gong.

Citi is planning to add at least 25 bankers to its Belt and Road coverage team over the next couple of years, amid a pick-up in interest from clients.