China

Bank of Jinzhou (BJZ), in China’s northeast Liaoning Province, is set to offer the country's first tier two Basel III compliant bonds from a city commercial bank. According to two sources close to the deal, an issue could come in the next two weeks.

Bank of Jinzhou (BJZ), in China’s northeast Liaoning Province, is set to offer the country's first tier two Basel III compliant bonds from a city commercial bank. According to two sources close to the deal, an issue could come in the next two weeks.

The Agricultural Development Bank of China raised Rmb3bn ($491m) from a dual tranche transaction on Thursday, January 9.

China Electronics secured a mammoth orderbook of Rmb11.2bn ($1.8bn) for its debut outing in the offshore renminbi market as investors piled in, attracted by the sector and credit diversification offered by the company.

Regular issuer Bank of China (London Branch) tapped into increasing European interest in the renminbi to secure a Rmb2.5bn ($409m) deal on Thursday, January 9.

Bank of China’s London branch, China Electronics Corporation and Agricultural Development Bank of China were all in the closing stages of execution for dim sum deals on Thursday.

IPOs have churned out fast and furious in 2014 since China’s decision at the end of last year to overhaul its system from an opaque process that did not reflect companies’ true values to one of the world’s most transparent operations, write Clare Hammond and Rev Hui. While things look promising for China, it’s possible that after a year of shutdown the floodgates have opened too fast.

China’s Bank of Communications (BoCom) managed to navigate a busy market and investor uncertainty to tighten price a debut dollar bond at 145bp over Treasuries this week.

Peking University Founder Group’s debut three year bond tightened 70bp in the secondary market on Thursday, suggesting that successful investor education had been key to the deal.

The support given at the end of 2013 by China’s National Development and Reform Commission (NDRC) for local government financing vehicles to be able to roll over their debt by issuing bonds comes with conditions attached, EuroWeek Asia can reveal. According to several sources, the NDRC has indicated informally that support for bond issuance will be dependent on LGFVs avoiding tapping the shadow banking sector.

Regular issuer Bank of China (London Branch) tapped into increasing European interest in the renminbi to secure a Rmb2.5bn ($409m) deal on Thursday, January 9.

The Agricultural Development Bank of China raised Rmb3bn ($491m) from a dual tranche transaction on Thursday, January 9.