Greater China

SC Lowy, a fixed income-focused banking and finance group, has sold 20% of its shares to a group of strategic investors.

Chinese real estate developer Zhenro Properties Group has bagged HK$3.99bn ($510m) after pricing its IPO near the top of guidance, according to a source close to the deal.

European stock markets have enjoyed a solid start to 2018, led by a metals and commodities rally that has been strengthening since the beginning of autumn. But the market must consider whether the good times are organic or due to temporary measures in China.

Westpac Banking Corp raised Rmb500m ($77m) from a three year offshore renminbi bond on Monday, becoming the first dim sum note issuer of 2018.

DCM bankers often market Panda bonds as Belt and Road bonds, even when they have little to do with China’s landmark infrastructure plan. But in recent weeks, issuers with genuine needs for funding Belt and Road projects have started to tap the market. The change could open up a new frontier for RMB internationalisation.

Investors lapped up Longfor Properties Co’s $800m bonds on Monday, in a vote of confidence not just for the investment grade rated Chinese company but also the broader property industry.

Power Construction Corporation of China (PowerChina), Bank of Shanghai subsidiary BOSC International Company and financial services firm Guangxi Financial Investment Group Co are testing investor appetite for new bonds.

Property companies Country Garden Holdings Co (CoGard), Times Property Holdings, Tahoe Group Co and Wharf Real Estate Investment Company hit the dollar debt market in force on Tuesday.

The European Investment Bank is set to bring its first core currency trade of the year, after hiring banks on Monday for a March 2023 global dollar benchmark. Despite a strong start to the year for the currency last week, no other dollar deals from SSAs are on screen — but a new issuer could join in the next few months.

A $5.5bn senior secured loan to refinance China National Chemical Corp’s (ChemChina) outstanding debt has been launched into general syndication by 16 mandated lead arrangers and bookrunners.

Chinese state-owned coal miner Yankuang Group Company wrapped up the first week of 2018 with a quick tap of its debut bond, raising $300m on Friday.

Westpac Banking Corp is poised to sell the first offshore renminbi bond of the year, opening books for a three year trade on Monday.