Greater China

Nine banks have formed the syndicate for a HK$1.25bn loan for Hong Kong-listed China Tian Lun Gas Holdings.

Two Chinese government-owned entities, Chengdu Communications Investment Group Corp and Qinghai Province General Aviation Group Co, priced their dollar bonds on Wednesday, but opted for very different tenors — the former a 10 year and the latter 363 days.

China's foreign exchange reserves expanded for the tenth month running, gold futures on the Hong Kong Exchange (HKEX) set a new record, and Aberdeen Standard Investment nabbed a private fund management licence.

Industrial and Commercial Bank of China sold a dual-tranche floating rate transaction on Wednesday, getting significant interest from western accounts as it used its London arm as the issuing vehicle.

China Citic Bank Corp rolled out a four-tranche transaction on Thursday after a roadshow spanning Hong Kong, Singapore and London. Meanwhile, India’s ICICI Bank is marketing a 10 year bullet through its Dubai branch.

Four Chinese corporate issuers Wanda Holding Group Co, Shandong Iron & Steel Group Co, Hefei Industry Investment Holding (Group) Co and Wuhan State-Owned Asset Management Company are fighting for investors’ attention on a busy Thursday in the primary bond market.

The slowdown in sales and rising onshore yields will be two headwinds for Chinese property developers in 2018, industry experts told the Euromoney China Property and Consumption Investment Summit on December 6.

HNA Group (International) has mandated a Chinese institution for a Rmb5bn ($756m) private placement Panda bond on the Shenzhen Stock Exchange, according to a December 5 update on the bourse’s website.

Qingdao Conson Development (Group) Co priced its $400m international debut on Tuesday, paying what bankers considered a reasonable new issue premium against a volatile market backdrop, as the issuer took advantage of investors’ familiarity with Qingdao city.

Short selling is crucial to the development of China’s equity market, especially in attracting greater foreign participation, Lyndon Chao, head of equities and post trade at the Asia Securities Industry & Financial Markets Association (Asifma), told GlobalRMB.

Nasdaq-listed Chinese tech firm JD.com will wrap up its first international syndicated loan at $1bn, double the launch size, said bankers close to the situation.

Industrial and Commercial Bank of China opened books for a dual-tranche floating rate dollar bond on Wednesday, to be sold through its London branch.