China

A $113m term loan to back Hong Kong-listed Aupu Group’s proposed take private has been allocated among seven banks, according to a source.

China is continuing its push for reforms to its FX market with the establishment of a self-regulating committee that authorities say will give market participants more sway over renminbi reference rates.

Postal Savings Bank of China’s mammoth $8bn-$10bn IPO in Hong Kong is a “once in a decade type deal” and investors already appear willing to pay a premium for a slice of the trade, say bankers.

Primary bond activity in Asia sprang back to life on Wednesday following a slow start to the week, with high yield issuance leading the way.

Hong Kong conglomerate The Wharf (Holdings) is planning to make its first appearance in the interbank Panda bond market having filed an application to the National Association of Financial Market Institutional Investors (Nafmii) last month.

Beijing Enterprises Water Group (BEWG) added to its portfolio of Panda bonds less than a week after its debut in the asset class, sealing a Rmb700m ($106m) return on Monday. Instead of trotting down a similar path as it did with its maiden appearance, the red chip firm has sold the first green Panda.

Beijing Hyundai Auto Finance is set to launch its second Chinese auto loan ABS of the year on Friday, and is eyeing Rmb3bn ($452m) from Autopia China 2016-2 Retail Auto Mortgage Loan Securitization Trust.

In a rarely seen occurrence in Asia, a Chinese company-led consortium is set to use staple financing to support its acquisition of shares in Australian company GenesisCare, according to sources.

China Mengniu Dairy has returned to the loan market for a $200m fundraising, two years after its offshore debut.

The budding Chinese non-performing loans securitization market recorded its fourth transaction in little more than two months with Agricultural Bank of China (ABC) completing a Rmb3.06bn ($462m) offering — the largest on record since the asset class restarted this year.

The list of companies issuing Panda bonds in China’s exchange market continues to grow with a pair of red chip names, Agile Property Holdings and China Everbright, raising a combined Rmb7bn ($1.05bn).

Haitong Securities is gearing up to pitch an international fundraising plan to its shareholders, as it seeks funds for its operations, improve its debt structure and supplement working capital.