Greater China

SCPG Holdings is planning to issue up to Rmb2bn ($306m) in the onshore renminbi debt market as early as this month while Hong Kong-based Chong Hing Bank is set to price its debut Panda bond of up to Rmb1.5bn on May 20.

Bankers and investors are paying close attention to BOC Aviation as it navigates the market with its HK$8.7bn ($1.1bn) IPO, set to be one of the largest listings of the year in Hong Kong. But what sets this deal apart is that despite its link to Chinese state-owned Bank of China, it is not being propped up by friends and family investors. Jonathan Breen reports.

SCPG Holdings is planning to issue up to Rmb2bn ($306m) in onshore renminbi debt as early as this month. The trade will mark the sixth Panda deal in the exchange market.

Zhejiang Geely Holding Group is set to sell its first dollar-denominated green bond on Thursday that comes with a standby letter of credit from Bank of China’s London branch. The offering marks the third dollar green debt to be sold by a Chinese issuer.

China Construction Bank Financial Leasing Corp has announced plans to issue its second dollar bond as early as this month, days after some of its industry peers made successful returns to the debt market.

Deutsche Bank has hired HSBC veteran Frank Fang as head of corporate banking coverage for China.

Chinese electric vehicle maker Yadea Group Holdings has raised HK$1.29bn ($166.2m) from its IPO in Hong Kong after pricing the deal at the bottom of guidance.

Chinese sportswear manufacturer 361 Degrees International is looking to make its maiden appearance in the dollar bond market, having mandated one bank to work on the proposed issuance.

Debt capital market bankers have long preached that diversifying into the US investor base is the next stage of development for Chinese issuers. But with recent transactions failing to resonate with stateside accounts, Chinese names should give up on US investors for now.

Goldman Sachs has sold the largest offshore renminbi deal of the year, raising slightly more than Rmb1.3bn ($199m) from a Formosa bond on Tuesday.

IFC and ADM Capital have launched a new platform that aims to syndicate lending to sound but financially stressed companies in Asia, filling a gap in lending to small and medium-sized enterprises.

Short-end CNY swaps have been offered and the curve has been steepening as the stronger yuan and improved liquidity conditions have supported receiving interest in the 1-2 year maturities, writes Deirdre Yeung of Total Derivatives.