Greater China

CCB Financial Leasing, a subsidiary of China Construction Bank, has returned to the syndicated loans market after a four year absence.

China has in the past used panda bears for political gestures, loaning the rare creatures to countries with which it wants to forge ties. The bond market named after them looks similarly endangered, while deals priced there are also nothing more than international relations votives.

China’s Yuexiu Property Co raised HK$1.1bn ($140.2m) from an exchangeable bond sale on April 8, attracting an order book that was more than three times oversubscribed.

Hollysys Automation Technologies is seeking nearly $180m from the offering of additional Nasdaq-listed shares.

Three Chinese property companies battled in the primary market on Monday with competing supply. While high yield issuers have been able to sell bonds at ultra-tight prices of late, the weight of supply has started to force issuer’s to pay more to borrow.

Hong Kong’s Citychamp Watch & Jewellery Group has launched a debut offshore borrowing with a $150m three year facility.

Chinese plastic surgery platform So-Young International is seeking $150m from a US IPO, according to a filing made with the US Securities and Exchange Commission on April 8.

Bank of Communications Financial Leasing is tapping the offshore loan market for $200m green loan, just one month after it launched an onshore facility.

In this round up, US president Donald Trump claims DC trade talks solved some of toughest problems, FX reserves rise again, and Caixin PMI brings confidence in China’s economic recovery.

Xinyuan Real Estate Co priced a $200m bond that came with a 14.2% coupon, as heavy supply continues to weigh on the Chinese high yield real estate bond market with both new issue concessions and secondary performance suffering.

Future Land Development Holdings’ new dollar bond crashed in the secondary market on Thursday, following an aggressively priced deal the day before. Rival bankers questioned both Future Land's pricing and the timing.

Tencent Holdings this week sold the largest dollar bond by an Asian issuer in more than a year, offering a five tranche deal that spanned five to 30 year maturities. In doing so, it also managed to achieve one of the flattest 10-30 year curves for a technology company new issue, writes Addison Gong.