China

In this round-up, the AIIB gets ready for its first annual meeting as the president explains how the bank will work, the spread widens between offshore and onshore renminbi and Zimbabwe seeks trade settlement agreement. Plus, a recap of GlobalRMB’s top stories this week.

China Online Education Group is planning a US IPO of up to $100m and has filed a draft prospectus with the US Securities and Exchange Commission (SEC).

Chinese tutoring service provider TAL Education is looking to raise $200m from an overseas syndicated loan in its first visit to the market.

ICBC Financial Leasing was out in the dollar bond market on Thursday, enticing bids for a Reg S/144A offering that is split into three portions.

China International Capital Corp sealed a highly popular $500m debut bond on Wednesday, ending up eight times covered, despite pricing inside the curve of closest rival Citic Securities.

Tissue paper maker Youyuan International is tapping the loan market for a $120m 3.5 year facility, marking its return after a gap of two years.

Chinese bond issuers have suffered from declining interest from European and US investors, as concerns about the slowdown on the mainland has an impact. But with quasi-sovereign State Grid Corp of China sealing its first euro-dollar trade this week, it has demonstrated that, with the right strategy, issuers can find a way to dispel cynicism. Narae Kim reports.

Zhejiang Geely Holding Group is to start gauging investor interest this week for what would be the auto firm’s first green bond.

Zhejiang Geely Holding Group is set to hit the road for a dollar-denominated green bond that is expected to launch as early this month. The trade will be the third green issue from a Chinese borrower overseas.

Standard Chartered’s Renminbi Globalisation Index (RGI) fell by 2.7% month-on-month in March to 2,151 from 2,210. The index is also down 1.1% year-on-year, posting the first yearly contraction since it started in 2010.

Chinese tissue paper maker Youyuan International has returned to the loan market after a two year gap and is seeking a $120m 3.5 year facility.

Chinese auto rental company eHi Car Services, which made its debut in the international bond market late last year, has set its sights on a $150m syndicated loan.