China

Nissan’s Chinese joint venture has returned to investors with its latest auto ABS, offering a single tranche worth around Rmb2.52bn ($373.8m).

China Gas Holdings is aiming to raise Rmb1.5bn ($222.9m) from its latest Panda bond, returning to the market less than a year after its last deal.

Asian bond investors reclaimed some of their power this week, but the coup was far from bloodless. Three single-B rated issuers were forced to pull planned dollar bonds. Morgan Davis and Addison Gong report.

The Panda bond market is having its best run of the year in terms of issuance volume and number of deals sealed. But a closer look at the market shows a distinct lack of long-term investors — a real risk at the heart of the Chinese financial system.

Chinese steel producer Shougang Corp Co is taking bids for its inaugural appearance in the euro bond market.

Hungary plans to make regular returns to the Panda bond market after making a successful debut this week, György Barcza, chief executive of the country’s debt management office, told GlobalRMB.

Single-B rated bond issuers in Asia got a major setback this week, with three debut credits pulling their planned dollar offerings. There were plenty of reasons for their failures, but bankers say the cancellations reflect a debt market transitioning from one dancing to the tune of borrowers to one being dictated by investors.

It has been a rough week for Asia’s high yield issuers. But China Development Bank Financial Leasing Co showed that higher-rated names can still get plenty of demand, raising $1bn from a dual-tranche bond that appeared to price in line with fair value.

China’s cabinet has given its central state-owned enterprises (SOEs) until the end of the year to be restructured as corporations, in line with the government’s push for market reform.

Hungary priced its debut Panda bond just before 5pm on Wednesday, completing the second onshore renminbi bond deal by a European sovereign.

First-time issuers China Chengtong Holdings Group and China Logistics Property Holdings Co are preparing for their dollar fundraisings, tapping banks to lead their respective offerings.

China Resources Land returned to the Panda market with the biggest deal this year, raising Rmb5bn ($740.9m) from a dual-tranche bond on Monday. CR Land sealed the deal just four days after rival Longfor Properties’ debut and faced similar pressure from investors to prioritise its shorter term notes.