China

Iron and steel company Metallurgical Corporation of China raised $500m from the sale of its three year bond on Monday, after enthusiastic investors flocked to the deal.

Beijing Gas Group Company and China Construction Bank (Hong Kong) have opened books for a fixed five year bullet and a three year floater, respectively.

The leads have priced the senior fixed rate notes of Beijing Hyundai Motor Group’s Rmb3.5bn ($508.7m) Autopia China 2017-1 Retail Auto Mortgage Loan Securitization Trust, its largest ABS in the country to date.

Property developer Hong Yang Group Company is marketing its inaugural international bond, while Chinese private telecommunications operator Dr Peng Telecom & Media Group Co is set to hold a conference call with investors on Tuesday for a dollar deal.

The Asian market has shrugged off North Korea’s missile test over the weekend, with Nan Fung International Holdings and Metallurgical Corporation of China launching new deals on Monday morning.

In this round-up, People’s Bank of China renews currency swap agreement with New Zealand, regulators make all bonds on Shanghai Clearing House (SHCH) available via Bond Connect, and the Shanghai free trade zone is set to provide Belt and Road financing.

Bright Scholar Education Holdings’ decision to price its IPO above the range paid off handsomely as the stock surged over 30% on its debut on the New York Stock Exchange.

Nan Hai Corp grabbed $500m on Thursday with the sale of a three non call 1.5 year bond, pushed to an investment grade rating thanks to a standby letter of credit from China Citic Bank Corp’s Shenzhen branch. Meanwhile, Sinochem Hong Kong (Group) Company sealed $300m from a club-like transaction.

State Administration of Foreign Exchange (Safe) figures show net FX sales rising in April, People’s Bank of China (PBoC) launches FinTech committee, and FTSE Russell adds more China-related indices.

Transportation Partners and China National Chemical Corp will meet fixed income accounts for their respective dollar bonds, while names like Poly Culture Group Corp, Macrolink Culturaltainment Development Co, Oceanwide Holdings Co and Jiangxi Ganfeng Lithium Co are planning to go offshore.

Chinese mobile phone maker Xiaomi, which sounded out lenders to refinance a syndicated loan raised in 2014, has sent out terms for the new facility to retail banks.

Chinese and other Asian banks are catching up with Western rivals in the emerging market loan market and, as Bianca Boorer reports, look set to keep growing their market share.