Greater China

Two foreign issuers and a red-chip company tapped China’s onshore renminbi bond market this week, taking home Rmb6.2bn ($875m). Two more red-chip borrowers are waiting in the wings, with their deals slated for next week.

Chinese online game developer NetEase has raised HK$21.1bn ($2.7bn) from its secondary offering in Hong Kong, riding on strong investor support for its listing, according to a senior banker on the deal.

In this round-up, China says it will make the Hainan province a world-class “free trade port”, the May Caixin China general services purchasing managers index beat consensus by a large margin, and the central government will sell over Rmb100bn ($14bn) of treasury bonds next week.

A subsidiary of China National Chemical Corp (ChemChina) has returned to the market for an €860m dual-tranche loan.

Chinese e-commerce company JD.com will open books for its Hong Kong secondary listing on Friday after the markets close, according to two sources close to the deal.

Taiwan-based Chailese Finance Co is seeking a new loan of $50m through its Vietnamese subsidiary. The deal comes about a month after the leasing and financing company launched another transaction through its Singapore entity.

The Central American Bank for Economic Integration (Cabei) raised $530m-equivalent of debt in Taiwan and Switzerland this week to complete the bulk of its bond financing for the year, leaving the lender to focus on bilateral funding and further investor relations for the rest of the year.

China has opened an asset-backed commercial paper market, announcing new regulations and preparing five trial deals — three of which will be priced by the end of the week. Rebecca Feng reports.

Chinese property developer Kaisa Group Holdings reset the price for all of its bonds on Wednesday when it sold a $300m sub-one year note.

Central American Bank of Economic Integration (Cabei) turned to the Taiwanese market on Wednesday, raising $375m just weeks after a $750m bond sale in the US.

China Vanke Co, one of the largest property developers in the mainland, will lower the coupon rate on a Rmb3bn ($422m) bond by 260bp after the July put date, becoming one of the latest issuers to take advantage of falling funding costs onshore. Addison Gong reports.

Qatar National Bank returned to offshore renminbi (CNH) bonds this week, adding a dash of variety to a market that has been dominated by Chinese names.