CITIC Securities

Oil and gas exploration and production company Medco Energi Internasional is eyeing the offshore market for a senior bond, and will meet fixed income accounts in Asia, Europe and the US.

Nissan’s Chinese joint venture has returned to investors with its latest auto ABS, offering a single tranche worth around Rmb2.52bn ($373.8m).

China Gas Holdings is aiming to raise Rmb1.5bn ($222.9m) from its latest Panda bond, returning to the market less than a year after its last deal.

The musical chairs in Hong Kong’s equity capital market hit a crescendo this week, as senior bankers from both bulge brackets and Chinese firms took turns swapping seats. With several positions still left to be filled, the movement is unlikely to stop soon. But all this points to a sustained rise in business, writes John Loh.

China Resources Land returned to the Panda market with the biggest deal this year, raising Rmb5bn ($740.9m) from a dual-tranche bond on Monday. CR Land sealed the deal just four days after rival Longfor Properties’ debut and faced similar pressure from investors to prioritise its shorter term notes.

Citic CLSA Securities has brought in Steve Lam to helm its equity syndicate team, while also naming Nathan McMurtray to lead its charge into the equity-linked market.

Longfor Properties completed its dual tranche Panda bond debut on July 20, pricing three and five year tranches in the middle of guidance. But the issuer had to make a last minute tweak to its plans as investors gave clear priority to the shorter term notes.

After a dire first half of the year, the Panda bonds market had a busy week with five issuers either pricing their deals or revealing their intention to come to the market. While red chip real estate names still make up most of the pipeline, sovereign and local government issuers are starting to get a piece of the action, with Hungary and the Province of British Columbia (BC) leading the way.

Panda bonds are finally coming back to life after a dire first half. But although all the conditions are in place for an issuance boom, there is reason to doubt quite how high volumes will go.

Hong Kong-listed China Resources Land is returning to the Panda market on July 21 after a year-long absence. The company, which is hoping to raise Rmb5bn ($741m), will be the second red chip real estate issuer in two days to price a dual-tranche Panda deal.

Kelvin Leung has left Citic CLSA Securities as head of syndicate for equity capital markets after a year on the job.

Hong Kong-listed Longfor is planning its Panda bond debut with a Rmb2bn ($296m) dual-trancher. The property company filed the deal two months after winning regulatory approval — and just four days after a local rival sold its second Panda of the year.