China

Three Chinese companies have been hit by difficulties that resulted in them breaching covenants on international syndicated loans. Despite the cluster of problems, bankers says this does not point to more systemic failure in China Inc. John Loh and Shruti Chaturvedi report.

China Rapid Finance and Bright Scholar Education Holdings are venturing stateside to raise more than $300m from their IPOs.

CMB Financial Leasing launched a $350m bullet into general syndication last week, even as Minsheng Financial Leasing wrapped up an increased fundraising of $335m.

Industrial and Commercial Bank of China’s Singapore branch sold a dual-tranche floating rate deal on Wednesday, raising $2bn and hitting its pricing goals.

Halcyon Agri Corporation raised $150m on Wednesday from its maiden international bond. The deal was launched in a softer market amid increased volatility sparked by geopolitical events, but the issuer benefitted from its relationship with China’s state-owned Sinochem Group.

China’s National Development and Reform Commission (NDRC) has approved a second batch of 11 firms as part of a pilot programme which allows them to choose a funding window in the international debt market without needing the regulator’s blessing.

China’s Times Property Holdings sealed a quick $225m deal on Wednesday to reach the upper limit on its offshore issuance cap for the year.

I can’t deny that investment banking is a young man’s game. The long hours, late nights and hard partying will knock out anyone not in the prime of their lives. But even the young bucks can struggle when tackling some banking challenges.

China Huarong International Holdings began marketing a four tranche dollar deal on Thursday morning, including two floating rate notes.

Chinese corporate names Want Want China Finance and China SCE Property were out in the market on Thursday morning.

Chinese school operator Bright Scholar Education Holdings is set to start investor education for its US IPO, which is expected to raise $200m, according to a source close to the deal.

Daimler’s subsidiary Mercedes-Benz Auto Finance priced its first transaction under the Silver Arrow China series in 2017, while Ford Automotive Finance (China) also wrapped up its auto loan ABS, Fuyuan 2017-1.