China

Tianjin Real Estate Group Co raised $100m from a 4.5% bond on Friday, the lone Asian issuer to have priced a transaction.

Net FX sales by Chinese bank are down 75% month-on-month in August, an advisor to the People’s Bank of China urges push for renminbi internationalisation as the currency strengthens, and Portugal hires banks for its first Panda bond issuance.

It has been a tough year for Chinese issuers as they battle with the National Development and Reform Commission (NDRC) to get go-aheads for offshore bond sales. But the regulator’s snail-like approval process appears to be crawling to a near standstill ahead of the National Congress of the Communist Party, leaving bankers befuddled about what to expect for the rest of the year. Morgan Davis reports.

Chinese logistics firm Best, which counts Alibaba Group Holdings among its shareholders, raised $450m from its US IPO this week, chopping the deal by half to get it over the finish line.

Investors familiar with Sunshine 100 China Holdings’ credentials shrugged off a recent ratings downgrade to gobble up its new $235m bond, which will allow the company redeem a note coming due imminently.

Postal Savings Bank of China Co launched its highly anticipated additional tier one dollar bond on Thursday, seeking a whopping $7bn from what could be the world’s largest AT1.

Chinese investors warmly welcomed Mercedes-Benz Auto Finance’s second outing this year in China’s securitization market, helping the originator raise Rmb4.98bn ($760m) from the senior tranche of its deal.

Chinese logistics firm Best raised $450m from its US IPO this week, slicing the deal size by as much as half.

Beijing Infrastructure Investment Co priced its first dollar bond in three years, raising $700m from a six times covered deal on Tuesday. The notes tightened around 10bp in secondary, putting the spotlight on what some considered generous pricing.

Property developer Sunshine 100 China Holdings, rated CCC+ by S&P and B- by Fitch, is taking bids for a new dollar bond, in a bid to address its looming debt maturity.

Trade between Russia and China has slowed over the last few years, hurt by a depreciating renminbi and domestic economic challenges in both countries. But the trend has now largely reversed — and dealmaking between the two countries is booming.

It’s been 13 years since China last sold a dollar bond. Since the news this summer that the Middle Kingdom was eyeing a return to the offshore debt market, bankers and investors have kept a close eye on any official news of the transaction. But as the end of the year nears, it appears as though China missed its mark for issuing an earth shattering bond.