Guotai Junan Securities Co
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China Construction Bank’s Singapore branch is set to price the first offshore renminbi (CNH) bond in over a month, after opening books for a two year trade.
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Hong Kong Airlines returned to the international debt market on Monday for its third trade of the year, which is also the second tap of notes issued at the start of 2016.
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Sunshine 100 China Holdings printed a $200m convertible bond last week that drew flak for the inherent weaknesses in its structure. But although it defied what many consider to be “proper” CB execution, look past the criticism and it’s clear that the equity-linked market is open for business — even when the trade is off-kilter.
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Two Hong Kong issuers hit the dollar debt market on Monday, with CSI Properties launching a new five year bond, while Hong Kong Airlines re-opened its existing notes, driven by reverse enquiry.
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Sunshine 100 China Holdings hauled a $200m convertible bond over the line on July 28, enticing investors with one of the highest yields on equity-linked debt in the region this year.
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A local government financing vehicle of the Huai’an municipality in China has raised $300m from the bond market, finding decent demand not just from domestic accounts but also from European and global investors.
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Yunnan Metropolitan Construction Investment Co has become the latest local government financing vehicle in the offshore bond market. With more new issues in the pipeline, the LGFV bond spree shows no signs of slowing but the market is not open to all names.
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Hon Hai-owned Foxconn Interconnect Technology, also known as FIT Hon Teng, is eyeing a listing in Hong Kong that could fetch up to $600m after the summer, said sources close to the deal.
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Bank of China has hit the market for its multi-currency green bond, with an offshore renminbi portion in only the second time a green dim sum bond has been sold.
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Two entities of China’s Chonqing municipality — the Nan’an district financing vehicle and the Chonqing Grain Group — have mandated banks for potential deals while Huai’an’s local government financing vehicle is also seeking a new bond.
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The list of Chinese real estate firms seeking to take advantage of the country’s Panda bond market is getting longer, with Agile Property Holdings the latest to have its application approved.
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Jiangsu Hanrui Investment Holdings defied the quietness in Asia’s primary capital markets on Thursday with a rare high yield bond from a local government financing vehicle. Although market observers welcome growth in the new asset class, some are cautious about the standalone credit strength of smaller LGFVs.