China

BOC Aviation priced its latest five year bond well inside theoretical fair value, helped by its strong financial position, a healthy book and a clear existing curve. But its secondary performance was affected on Thursday by the political turmoil in the US that has caused volatility.

Industrial and Commercial Bank of China (ICBC) Dubai sold a dual tranche $700m floating rate deal on Monday, followed by a €500m floater on Wednesday.

China Lodging Group has allocated its $500m borrowing among 18 banks. The loan, launched in February, will fund the acquisition of hotels in the Mainland.

China Citic Bank International is coming to the Panda bond market for the first time. The Hong Kong-based lender is hoping to raise Rmb3bn ($437m) with a three year bond, which will be the first Panda issued by a financial institution this year, according to GlobalRMB data.

After two years of chatter and rumour, People’s Bank of China (PBoC) and Hong Kong Monetary Authority (HKMA) made the widely anticipated announcement on May 16 to confirm the launch of Bond Connect. Here's is GlobalRMB's guide to the new initiative.

Nan Hai Corp is marketing a three year bond with a standby letter of credit from China Citic Bank Corp’s Shenzhen branch, giving the notes an investment grade rating. Meanwhile, China Molybdenum Co is seeking up to $1bn equivalent in overseas debt.

The Commodity Futures Trading Commission has again extended no-action relief for the Shanghai Clearing House (SHCH), advocating against enforcement action for failing to register as a Derivatives Clearing Organisation (DCO).

Toyota Motor Finance (China) Co priced the senior notes of its Rmb3bn ($434.5m) Glory 2017 Phase I Auto Loan Credit Asset-backed Securities on Tuesday. The deal had some rarity value as it is only the second auto ABS offered by the originator in China in three years.

FIT Hon Teng has refiled for an IPO in Hong Kong after shelving the deal last year due to poor investor demand, returning with the same three sponsors.

Logan Property raised a $450m bond on Tuesday, achieving its lowest yield in the international debt market. The lack of high yield paper from Chinese real estate developers and the company’s strong profitability helped drum up demand.

Mid-sector CNY swaps have been well offered today but Société Générale says deleveraging efforts will back more steepening across the 2s/5s NDIRS slope, writes Deirdre Yeung of Total Derivatives.

BOC Aviation is out with a five year bond while Industrial and Commercial Bank of China Dubai branch is making a swift return to the market with a euro offering following a dollar outing on Monday. More deals are also in the pipeline.