Greater China

China Resources Land successfully sold a Rmb5bn (759m) dual-tranche Panda bond this week, becoming the first real estate company to print this format in China’s interbank bond market.

China State Construction Engineering Corporation Limited and Tianjin Infrastructure Construction are getting ready to meet investors ahead of their respective dollar fundraisings.

VPower Group International Holdings has filed for an IPO in Hong Kong and is looking to raise $500m in the third quarter of the year.

Japan’s SoftBank Group Corp has blown open the equity-linked market with the launch of a $5bn bond exchangeable into shares of Alibaba Group Holdings, part of a planned $7.9bn sell-down in the e-commerce giant’s stock.

King & Wood Mallesons has expanded its team in Hong Kong with the recruitment of two new partners, one of them an IPO specialist, the law firm said in a statement.

China Aircraft Leasing Group Holdings (CALC) has made its syndicated loan debut with a $194.73m borrowing.

A slew of onshore bond defaults by Chinese state-owned entities has sent a chill through the market over the past couple of months, with more expected to be in store. But with the market calming down in May, it’s time to take stock and realise that such defaults are part of China’s transition to a market-driven economy — and are essential for the long-term health of the country’s debt market.

With a Federal Reserve rate hike possibly coming in June, the question on top of analysts’ minds is whether there will be a repeat of the panic in the RMB market like what was seen in January. But luckily this time around, China’s commitment to stability is likely to keep volatility at bay.

Foreign investors looking to put their money into China’s interbank bond market (CIBM) are welcoming the release of a more accommodative set of guidelines. The rules are an expansion of an announcement made three months ago and are widely seen as a prelude for the inclusion of China’s bond market into global indices.

Dalian Wanda Group has firmed up financing totalling HK$30.78bn ($3.9bn) for a HK$34.5bn offer to take its property arm private.

Scotiabank de Costa Rica has included Taiwanese lenders in its list of invitees for a $75m two-tranche fundraising, following in the footsteps of many other borrowers from Latin America that are looking to Asia for liquidity.

Asset manager BlackRock has made senior changes to its fixed income business as Joel Kim, head of fixed income for Asia Pacific, plans to leave the firm at the end of August.