Greater China

China Merchants Commercial Real Estate Investment Trust has raised HK$2.6bn ($327.6m) from its IPO, breaking a six-year drought of Reit listings in Hong Kong.

Chinese local government financing vehicle (LGFV) Kunming Rail Transit Group Co made its inaugural appearance in the dollar market on Thursday, raising $500m after a large price tightening.

China Bohai Bank has begun working with four Chinese banks on a multi-billion-dollar IPO expected in Hong Kong next year, according to a source familiar with the matter.

Loans bankers are having a tough time at the moment, forced to reflect on a difficult year and struggling for new deals as bonus season looms. They are spending the last few weeks of December tweaking pitches — but most admit they have little confidence about a boom in 2020. Pan Yue reports.

Investors have dumped Peking University Founder Group Co’s $2.95bn of dollar bonds after a default by the company in onshore China rattled markets. But despite numerous default situations from the country making headlines this year, market participants are not hitting the panic button just yet, writes Addison Gong.

Crédit Agricole printed a Rmb1bn ($142m) three year renminbi bond in China on Wednesday. Despite being a senior preferred deal and including write-down and conversion to equity clauses, both new to onshore investors, the Panda still managed to achieve tight pricing and a well-covered book. Rebecca Feng reports.

China YuHua Education pocketed HK$2.02bn ($258.5m) from a convertible bond this week to buy back its outstanding CB, printing a deal that was tailored for hedge funds, writes Jonathan Breen.

Beijing Enterprises Clean Energy (BECE), a government-backed energy firm, came back to the exchange market on Wednesday for its second green Panda bond.

China Everbright Bank has raised $500m from a floating rate note that was heavily supported by Chinese banks.

Zhuhai Huafa Group Co showed a vote of confidence in Macau’s stock exchange on Wednesday when it priced a $200m bond that was tailored to Macau's investors.

Equity investors are taking on more risk as 2019 draws to a close but a short sharp spike in volatility that began at the end of last week is giving them cause for concern.

China Huaneng Group, one of the mainland's largest power generators, sold a three-tranche dollar bond on Tuesday, taking $1.5bn off the table near the end of the year, when investors are still looking to put money to work.