Greater China

Chinese steel producer Shougang Corp Co is taking bids for its inaugural appearance in the euro bond market.

Hungary plans to make regular returns to the Panda bond market after making a successful debut this week, György Barcza, chief executive of the country’s debt management office, told GlobalRMB.

Single-B rated bond issuers in Asia got a major setback this week, with three debut credits pulling their planned dollar offerings. There were plenty of reasons for their failures, but bankers say the cancellations reflect a debt market transitioning from one dancing to the tune of borrowers to one being dictated by investors.

It has been a rough week for Asia’s high yield issuers. But China Development Bank Financial Leasing Co showed that higher-rated names can still get plenty of demand, raising $1bn from a dual-tranche bond that appeared to price in line with fair value.

China’s cabinet has given its central state-owned enterprises (SOEs) until the end of the year to be restructured as corporations, in line with the government’s push for market reform.

Hungary priced its debut Panda bond just before 5pm on Wednesday, completing the second onshore renminbi bond deal by a European sovereign.

Beijing Enterprises Clean Energy Group is preparing a HK$1.33bn ($170.3m) open offer to fund development projects and acquisitions of clean energy-related companies.

Standard Chartered has hired a former Barclays banker as an executive director in the Asia DCM syndicate team.

First-time issuers China Chengtong Holdings Group and China Logistics Property Holdings Co are preparing for their dollar fundraisings, tapping banks to lead their respective offerings.

China Resources Land returned to the Panda market with the biggest deal this year, raising Rmb5bn ($740.9m) from a dual-tranche bond on Monday. CR Land sealed the deal just four days after rival Longfor Properties’ debut and faced similar pressure from investors to prioritise its shorter term notes.

Sunac China Holdings has raised HK$4.03bn ($516.2m) from a top-up placement, taking advantage of its recent media focus and skyrocketing share value to bag a deal.

Citic CLSA Securities has brought in Steve Lam to helm its equity syndicate team, while also naming Nathan McMurtray to lead its charge into the equity-linked market.