Greater China
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Gas supplier Air Liquide raised Rmb2.2bn ($347m) from its first Panda bond on March 6, becoming the first European issuer sell a bond with a maturity of longer than three years in the asset class. -
Shenzhen Sunway Communications has made a quick switch to Hong Kong dollars for its debut in the offshore loans market to take advantage of recent Hibor weakness.
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Taizhou Huaxin Pharmaceutical Investment Co executed a club-style deal on Thursday, raising $150m from a three year bond. It wasn’t the only Chinese firm wooing the buy-side. State-owned Tewoo Group opted for a perpetual deal, while Shimao Property Holdings tapped the offshore renminbi (CNH) market for the first time.
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China Resources Land tapped the Panda bond market for the first time since July 2017, raising Rmb6bn ($945.6m). But few onshore investors who bought the three year bond looked at the trade as a real Panda, according to bankers on the deal.
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Zhejiang Hengyi Group Co, a Chinese petrochemical company, was the second issuer to fall short in the international debt market this week, pulling its planned debut dollar bond on Thursday.
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The People’s Bank of China believes market appetite, instead of government policy, now drives the RMB’s level of usage offshore, three sovereign issuers line up Panda bond debuts, and China’s FX reserves shrink marginally after growing for the past 11 months.
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China National Chemical Corp (ChemChina) enlisted the help of 18 lead managers to sell a six tranche bond in two currencies on Wednesday.
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Finance is a pretty sexy industry, as we all know. Who would ever question the attraction of making money? My mates and I certainly never have — but one friend got a bit more than he bargained for when he innocently called Singapore’s ministry of finance the other day.
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Chinese video streaming platform Bilibili filed a prospectus with the US market regulator this week, eyeing up to $400m from an IPO of American Depository Shares (ADS).
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China National Chemical Corp (ChemChina) has raised $6.4bn from a six-tranche transaction in euros and dollars to refinance debt taken for Syngenta’s acquisition. The issuer was willing to pay up to take more on the long end of the curve, with the juicy premium summoning a book of more than $15bn at its peak.
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The People’s Bank of China’s first update on bank capital regulations in more than a decade has explicitly given the nod to principal write downs, giving banks more options when it comes to switching between the offshore and onshore markets. Addison Gong reports.
