China

Fosun International benefitted from a stable post-Fed market in Asia on Thursday, enjoying investors’ full attention to price a larger-than-expected $800m deal. The bond is now the largest print from a Chinese high yield industrial company since May 2013, according to Dealogic.

Russia ramped up its renminbi efforts this week with Rusal pricing the first Panda bond from the country. The deal closed on the same day the Central Bank of Russia revealed plans to open a renminbi clearing house ahead of a sovereign bond.

China Evergrande Group opened a dual-tranche transaction on Friday, becoming the second dollar issuer from Asia ex-Japan to come to the market after the US interest rate rise this week.

Leading Chinese technology firms including Alibaba Group Holdings, its affiliate Ant Financial and Tencent have swept into the loan market and are said to be seeking a collective $13bn-$14bn. Given their acquisitive tendencies, their latest fundraisings have found strong support from relationship lenders, despite political risks surrounding some of the targets, writes Shruti Chaturvedi.

UBS has made a number of new hires across its Asia Pacific businesses, according to memos seen by GlobalCapital Asia this week.

Chinese local government financing vehicle (LGFV) Fujian Zhanglong Group wrapped up a $200m tap of its bonds this week, as it aimed to get its funding out of the way ahead of any unpredictable moves in the US Treasury yield, said bankers close to the trade.

Morgan Stanley is predicting capital inflows of $250bn-$300bn into China’s onshore bond market, if major index providers include Chinese government bonds (CGBs) in their benchmark indices. But Moody’s cautioned that uncertainties around capital controls could spoil the party.

Hong Kong-listed Fosun International ventured out with a new offering on Thursday following reverse enquiry and on the back of the FOMC meeting. Sources in the market said secondary markets reacted positively to the rate hike.

The PBoC may be managing to keep the RMB stable this year but the trade policies of new US president Donald Trump and China’s growing corporate debt will continue to pose a challenge, according to think tank OMFIF.

IPO volumes from China’s technology, media and telecommunications (TMT) sector are set to dominate global league tables again this year, according to PcW, even as the appeal of onshore floats gains traction.

The recent volatility in the bond market ahead of an imminent US interest rate hike did not concern repeat issuer Bank of Communications Financial Leasing Co (BoCom Leasing), which ventured out on Tuesday and printed a $2bn triple trancher, extending its curve to 10 years.

Guorui Properties sealed a $300m debut international deal after offering investors a slightly unusual structure in order to secure a lower yield.