Greater China
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Chinese real estate companies Zhenro Properties and China Aoyuan Group reopened the Asian offshore bond market with a bang, as cash rich investors flocked to their transactions. -
Filippo Gori's rise up the ranks in JP Morgan's Asian team continued this week, when he was picked to succeed Nicolas Aguzin as head of Asia Pacific banking.
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Chow Tai Fook has made a quick comeback to the offshore loan market, eyeing a smaller deal after closing a $1.3bn fundraising last March.
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China Tian Lun Gas has closed an oversubscribed loan worth HK$2bn ($255m) after attracting 13 lenders in general syndication.
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In this round-up, China and the US will talk in Beijing at the end of the week, China’s interbank payment and settlement system survived the Lunar New Year red packet frenzy and a draft of the foreign investment law will be submitted in early March.
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Sino Biopharmaceutical has turned to banks for a $700m refinancing loan. It is offering the same price as it paid for the original deal, a club loan sealed in 2016.
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Chinese property issuers led the reopening of Asia’s offshore bond market following a week-long holiday in the Mainland to celebrate the Lunar New Year. Investors responded to the new deals with enthusiasm.
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Pinduoduo, a Nasdaq-listed Chinese e-commerce company, has raised $1.38bn from a follow-on offering.
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Just six months after listing on the Nasdaq, Chinese start-up Pinduoduo is back in the equity market to raise around $1bn from a follow-on offering.
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Hong Kong’s Towngas has priced a rare dollar perpetual bond, taking $300m from a deal that saw investors pump in more than $4bn in orders.
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Chengdu Economic and Technological Development Zone State-Owned Assets Investment, a Chinese local government financing vehicle (LGFV), raised a larger-than-expected $250m from its inaugural appearance in the offshore market that was over two months in the making.
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In this round-up, Bloomberg Barclays confirmed the upcoming inclusion of Chinese bonds in its indices, the People’s Bank of China will auction CNH bills in mid-February, and industrial profits in China confirmed poor ending for the economy in 2018.
