China

China Huarong Asset Management Co sold a $3.4bn-equivalent six-tranche bond in US dollars and Singapore dollars on April 20. The transaction featured many firsts for the issuer, and was part of its efforts to normalise its debt curve.

China Rapid Finance decided to cut price guidance for its US IPO in order to secure a high quality anchor investor, raising $70m instead of the original target of up to $115m, according to a banker on the deal.

Car has entered the Panda bond market with a rare public deal on the Shanghai Stock Exchange (SSE). Wilson Li, CFO at Car, told GlobalRMB that the move will help the red-chip company build credentials in the onshore bond market.

China Southern Power Grid Co, China Minsheng Banking Corp and Hong Kong-listed SOCAM Development started taking bids for their respective dollars bonds on Thursday at the Asia open.

Its ten years since China Development Bank sold the first dim sum bond and since then there have been many landmarks on the path to renminbi globalisation. Check out GlobalRMB’s new infographic for some highlights of the past decade.

China’s State Development & Investment Corp (SDIC) sealed a dual tranche offering on Tuesday, with the issuer’s state ownership, diversified investment portfolio and the moderate deal size ensuring a smooth debut.

Peer-to-peer lender China Rapid Finance is eyeing the bottom half of guidance for its US IPO, giving it a possible size of up to $105m, according to a banker working on the deal.

State Grid Corporation of China opened books for a four tranche dollar bond on Wednesday morning, comprising three, five, 10 and 30 year portions.

The increasing competition between foreign asset managers in China is creating new winners and losers, though JP Morgan managed to hold on to the top spot for the second year running, according to a report by Z-Ben Advisors. The survey also shows that Asian asset managers are lagging behind their European and North American peers.

China’s State Development & Investment Corp started collecting orders for its new dual tranche offering on Tuesday morning at the Asia open, with the company set to debut in the dollar bond market.

Decker & Co, a US-based institutional equities broker that focuses on Asia, has made several new hires to expand its coverage in China and Japan.

Fosun International scored an additional $600m from a tap of its $800m 5.25% 2022s last Friday, making it the largest Chinese high yield non-property deal in almost three years.