Greater China
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The US-China dialogue on trade had a muted ending last week, but there was good news in the bond market – domestic issuance picked up in June, and issuers continue to flock to Panda bonds. -
China’s Oceanwide Holdings Co scored $400m from a new three year offering on Thursday, sealing a bigger deal than expected but paying up in the process.
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China Life Insurance (Overseas) Company’s $250m bond generated huge demand on Thursday, with final books hitting $3.9bn. Market participants reckon the issuer priced through theoretical fair value.
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China Jinjiang Environment Holding Company (CJE) made its debut in the international bond market, raising $200m from a three year on Thursday. The deal won investors over — but finding close comparables proved a challenge.
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Chinese property developer Greenland Holdings is planning to increase the size of its loan, launched in late April, to $300m from $250m.
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Malaysian lender Maybank priced its first onshore renminbi bond on July 21, with the Rmb1bn ($148m) three year deal closing books early in the afternoon.
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A US pension fund has filed a class action lawsuit against ZTO Express and the banks that underwrote its $1.4bn IPO on the New York Stock Exchange last year.
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The Eastern European sovereign announced the price guidance for its three year debut Panda bond on July 25, after agreeing on a Rmb3bn ($445m) Panda programme with onshore authorities last week.
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Shanghai-listed Shandong Gold Mining has got the green light from its board of directors to float on the Hong Kong Stock Exchange.
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A short and limited syndication of a HK$28bn ($3.6bn) financing to support the take-private of Hong Kong-listed footwear company Belle International Holdings has wrapped up with one more bank jumping in.
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In this round-up, net sales under the mutual recognition of funds (MRF) are approaching a combined volume of Rmb1tr, Neuberger Berman (NB) adds China equity capabilities, and Russian lender Sberbank joins the international board of the Shanghai Gold Exchange.
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Zhejiang Provincial Energy Group is making its loan debut, seeking $300m to repay its dollar bond. As heightened regulatory scrutiny crimps liquidity onshore, Chinese borrowers are slowly looking to take the loan route — reigniting the age-old debate of loans versus bonds, writes Shruti Chaturvedi.
