Greater China

Chinese dairy products manufacturer Inner Mongolia Yili Industrial Group Co made its inaugural appearance in the offshore bond market on Thursday. Huaxin Cement Co also printed its first dollar deal.

Renewed concerns over Chinese chipmaker Tsinghua Unigroup Co’s debt repayment abilities led to sharp drops in its onshore and offshore bonds this week. Addison Gong reports.

Chinese property borrowers are increasingly taking a strategic approach to managing their liabilities by tendering old notes when new bonds are announced. The trend has taken off this year, and is set to be the norm as issuers become more proactive in tackling their refinancing needs sooner rather than later. Morgan Davis reports.

A handful of borrowers have been forced to close smaller loans than expected recently amid waning interest from lenders. While bankers insist there is still plenty of liquidity, debut credits and infrequent borrowers are feeling the pinch in the pandemic. Pan Yue reports.

Spare a thought for a young loans banker who recently told Taipan about his newfound freedom. I was drinking in Solas when the chap walked in on his own and ordered a Brooklyn Lager. Since we were the only two occupying the bar’s outside seating, we naturally started talking.

Bank of Communications Co raised $2.8bn from a Basel III-compliant additional tier one (AT1) capital bond on Wednesday, introducing a new perpetual bond format for Chinese banks.

A flurry of Chinese corporations rushed to the dollar bond market on Wednesday, raising a total of $1.19bn between them.

Jinke Smart Services Group, a Chinese property manager, raised HK$5.94bn ($766.1m) this week after sealing its IPO at the mid-point of the marketed range.

Volkswagen Finance (China) priced a nearly Rmb8bn ($1.2bn) auto loan asset-backed securities deal this week, the eleventh in its Driver China series.

Dollar and renminbi denominated bonds of cash-strapped Chinese issuer Tsinghua Unigroup Co were heavily sold off this week, following renewed concerns over the company’s debt repayment ability.

Redco Properties Group has tackled some of its upcoming maturities by selling a new $266m bond to refinance debt.

Wind power giant China Longyuan Power Group Corp found overwhelming support for its $300m bond sale, with investors giving the firm’s state ownership, deal timing and sector of operation a big thumbs up.