Greater China

Chinese local government debt issuance ramped up in the first quarter of 2019, with investors at home and abroad more enthusiastic about offshore bonds from local government financing vehicles (LGFVs). But they continue to be selective over which credits they buy — just as more deals are set to be launched, writes Addison Gong.

Mercedes-Benz Auto Finance pulled off its biggest auto loan ABS deal to date on Tuesday at its tightest price since 2017, despite a last minute regulatory probe into the originator. But the apparent success owed plenty to the lead underwriters’ co-ordinated efforts to keep the issuer happy and the primacy of credit ratings to international buyers, writes Rebecca Feng.

China Construction Bank sold a Rmb10.25bn ($1.53bn) four-tranche RMBS on Tuesday with an international rating.

There are many inaccurate pejorative stereotypes about investment bankers, but one I’ll gladly admit is true is that we are a snobbish bunch when it comes to travel.

Chinese plastic surgery social network So-Young International hit the road for its Nasdaq listing this week, eyeing proceeds of up to $179.4m.

Luckin Coffee is brewing excitement in the US equity market after it confirmed plans for an IPO this week and filed a draft prospectus with the Securities and Exchange Commission. But while the Chinese coffee chain is being hailed as a major competitor to Starbucks, there is reason to think that assessment carries a lot of froth.

Xinyuan Real Estate Co tapped its existing 2021 notes on Wednesday, adding $100m to the bonds.

Ireland’s CDB Aviation has signed its first unsecured syndicated loan, as the aircraft leasing company continues its drive to diversify its funding sources.

The People’s Bank of China (PBoC) rolled out a Rmb267.4bn ($39.8m) one year targeted medium-term lending facility (TMLF) on Wednesday. The move echoes a push by Chinese regulators for commercial banks to lend more to small and micro-sized enterprises.

Smart wearables manufacturer Huami Corp has launched book building for its $ 114m follow on American Depository Shares (ADS) offering.

Redco Properties Group returned to the market with a two year note on Tuesday, three months after it priced a larger 364-day transaction.

Chinese plastic surgery online social network So-Young International has commenced its Nasdaq IPO of up to $179.4m.