China

ABC International Holdings tackled its looming maturities head on with a $500m three year bond on Tuesday, finding favour among investors thanks to fair pricing and its rarity value.

Sino-Ocean Group Holdings leveraged on its stronger sales performance and credit metrics to storm into the debt market on Tuesday, showing that it has put a short but tumultuous period behind it.

Hong Kong-listed Universal Medical Financial & Technical Advisory Services has set its sights on the offshore syndicated loan market for a $300m dual-currency maiden borrowing.

Beijing Hyundai Motor Group has completed its second securitization in China this year, selling a Rmb3.5bn ($535.3m) two tranche deal on September 12. While the transaction’s timing coincided with rising political tensions between China and South Korea, investors remained undeterred.

In the past year, Chinese authorities have taken measures to boost capital inflows, while keeping the currency and potential outflows under strict control. In this exclusive Q&A with GlobalRMB, Calixte Ahokpossi, senior economist at the International Monetary Fund, says China needs more reforms, and that introducing a flexible currency framework should be a priority.

CSI Properties and China Logistics Property (CNLP) are in the thick of the dollar debt market this week, with the former gauging interest for a perpetual deal, and the latter boosting its coffers with a tap.

Foreign asset managers will increasingly use RMB raised in China to invest overseas, as the private fund management (PFM) programme takes off, said Alexious Lee, head of capital access, China, at CLSA.

Red Star Macalline Group Corp, a furniture retailer plus shopping mall owner, is ready to start roadshows for its international bond debut, after initially mandating banks back in April.

Syndicated loan activity in Asia ex-Japan may have slumped this year, but the slowdown is not all bad. The numbers show a return to normalcy in the region following an unusually stellar year of business in 2016, according to speakers at a loan market conference last week.

HSBC has demanded repayments of principal and interest totalling $220m for loans raised by troubled China Huishan Dairy Holdings, about five months after it declared an event of default on a $200m syndicated loan.

BOC Aviation landed safely with its dual-tranche bond on Monday, pricing both the $500m portions inside its curve. While participation from US investors was significant, Asian accounts were still the price leaders, helping the issuer keep its costs low, said bankers.

Dongxing Securities (HK) Financial Holdings is making its debut in the international loan market with a $300m two tranche deal.