Greater China

The People’s Republic of China made a huge splash in the euro market on Wednesday as investors pounced on the rare opportunity to buy bonds in the single currency from the sovereign.

Chinese borrowers that have previously ignored the euro bond market should reconsider. Recent deals show there are plenty of reasons for issuers to tap the European investor base.

The People’s Bank of China injected Rmb400bn ($57bn) of medium-term lending facility into the interbank market on Tuesday morning to roll over Rmb403.5bn of maturing MLF. It also lowered the one-year MLF rate by 5bp to 3.25%.

State-owned China Petrochemical Corp (Sinopec) raised $2bn from three dollar bonds on Monday, making a rapid comeback to the debt market.

Six Chinese real estate issuers — mostly high yield — flooded the dollar bond market on Monday with one to four year tenor deals. Investment grade rated China Vanke Co, on the other hand, tapped the longer end of the curve with a dual-tranche issuance.

China Construction Bank’s Singapore branch joined the offshore renminbi bond issuance party on Monday with a Rmb1bn ($142m) two year deal.

Pharmaron Beijing Co, a Chinese pharmaceutical research and development service platform, started testing investor appetite for its IPO on Monday.

BMW Auto Finance (China) is planning a return to the auto loan ABS market next week with a Rmb8bn ($1.1bn) deal.

Shanghai Fosun Pharmaceutical Group, which bought Indian company Gland Pharma in 2016, is planning to list the subsidiary on the National Stock Exchange of India and the BSE.

In this round-up, the US and China held another round of phone calls on trade last Friday, China officially launched the 5G mobile network and the rise in Caixin Purchasing Managers’ Index (PMI) was at odds with the slump in the official PMI.

Hutchison Port Holdings Trust seized the market window immediately after the Federal Open Market Committee meeting to sell a $500m five year bond on Thursday.

Chinese biopharmaceutical firm 3SBio has taken one step closer to spinning off and listing a unit on Shanghai’s Nasdaq-style Star Market.