Greater China

China New Higher Education Group has become the latest of a string of companies from the education sector to access the offshore loan market for funds. While Chinese education firms have mostly been well received by banks, market observers cautioned against drawing broad-brush conclusions. Reputable schools with scale will still be a top pick for lenders, while their lesser-known peers may find frostier conditions. Shruti Chaturvedi reports.

Asian bond volumes soared this year, breaking records with $350bn of issuance. Can 2018 possibly be any better? Addison Gong attempts to find out.

Back in my day, senior bankers knew the ins and outs of every trade that came across their desks. But it’s a whole different world now for those still in the industry.

Guirenniao Co was forced to pull its dollar bond on Tuesday as a result of unfavourable market conditions, as thinning liquidity in Asia at the year end took a toll on the issuer.

Chinese banks have enjoyed a stellar year for dollar additional tier one capital issuance, with Bank of Chongqing becoming the latest to join the party, achieving its target size and price on Wednesday.

China Orient Asset Management Corp pulled off an end of the year $2bn triple-tranche bond on Wednesday, but was forced to give investors a generous premium to get the deal done.

Foreign market participants in China are closely watching the implementation of new ownership rules for the financial sector, seeing the move as a test of president Xi Jinping's commitment to reform in his second term.

Shandong Hi-Speed Group Co (SDHS) and China Fortune Land Development Co are both taking bids for unrated three year dollar bonds on Thursday.

WuXi Biologics Holdings, which listed in Hong Kong in June in a hugely popular IPO, raised HK$5.07bn ($649m) from a block trade that was increased in size on the back of strong investor demand.

Macau’s Luso International Banking, a subsidiary of Xiamen International Bank Co, began marketing a subordinated dollar bond on Thursday morning.

LexinFintech, a Chinese online consumer lender, has shrunk the size of a mooted Nasdaq IPO to $132m from its original target of around $500m, after regulatory changes in China put the sector in a negative light.

Three Chinese issuers hit the market on Tuesday with dollar deals, but each saw a very different outcome. One company sealed a successful trade, another locked up a private placement style bond, while the third was forced to pull its transaction.