Greater China

Shandong-based Weichai Power Co became the sole G3 bond issuer to hit the debt market on Thursday, marketing a senior dollar perpetual deal to help repay acquisition-related loans.

Market demand from smaller companies, rather than regulatory action, is driving China’s asset-backed securitization market, said Kristal Hou, executive general secretary of China Securitization Forum, an industry association.

Seed company Syngenta has mandated banks for a global dollar transaction, its first foray into the market since China National Chemical Corp (ChemChina) completed its acquisition of the company this summer.

China Minsheng Banking Corp raised $800m from a dual-tranche floating rate deal on Tuesday, with some bankers describing it as a club-style bond because of the 18-strong syndicate group behind it.

Beijing Hyundai Motor Group is gearing up for a Rmb3.5bn ($535.9m) deal in China’s asset-backed securitization market, just over three months after completing a transaction of the same size.

Taiwan’s TPK Holding raised $236.3m on Tuesday evening from a placement of Global Depository Receipts, pricing the deal near the bottom of guidance.

Red chip property developer Joy City has hit the Panda bond market for the first time, raising Rmb1bn ($153.1m) from a three year bond on September 5. Although the deal was small in size, it caught the attention of some Bond Connect investors thanks to the issuer’s reputation.

China Petrochemical Corp (Sinopec) is making a rapid comeback to the dollar bond market. It announced a triple-tranche transaction on Wednesday, just five months after nabbing an impressive $3.4bn from investors.

Action in Asia ex-Japan’s offshore bond market picked up on Wednesday, with property developers from Greater China announcing new transactions.

CK Hutchison Holdings’ subsidiary Hutchison Port Holdings Trust hit the dollar market on Wednesday morning, looking for its first international bond since its debut more than two years ago.

Daimler’s China expansion keeps the issuer coming back for more onshore funding, with the automaker pricing a Panda private placement less than four months after its previous outing.

China’s Foreign Economic Cooperation Office (FECO) of the Ministry of Environmental Protection and a group of financial industry bodies in China have published a set of guidelines on controlling environmental risk for Chinese overseas investment.