ICBC

Shougang Corp Co, one of China’s largest steel producers by volume and assets, priced its maiden euro bond on Thursday, joining a slew of Chinese names exploring the European market this year.

China Gas Holdings is aiming to raise Rmb1.5bn ($222.9m) from its latest Panda bond, returning to the market less than a year after its last deal.

Asian bond investors reclaimed some of their power this week, but the coup was far from bloodless. Three single-B rated issuers were forced to pull planned dollar bonds. Morgan Davis and Addison Gong report.

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

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.

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.

China Development Bank Financial Leasing Co is back with its second dollar bond, following its international debut in November 2014. Financial leasing firm Lionbridge Capital Co is also looking to price its debut deal on Tuesday.

Longfor Properties completed its dual tranche Panda bond debut on July 20, pricing three and five year tranches in the middle of guidance. But the issuer had to make a last minute tweak to its plans as investors gave clear priority to the shorter term notes.

Shanghai-listed Shandong Gold Mining has got the green light from its board of directors to float on the Hong Kong Stock Exchange.

After a dire first half of the year, the Panda bonds market had a busy week with five issuers either pricing their deals or revealing their intention to come to the market. While red chip real estate names still make up most of the pipeline, sovereign and local government issuers are starting to get a piece of the action, with Hungary and the Province of British Columbia (BC) leading the way.

Three more Turkish banks have come to the market to refinance loans from 2016, marking the second wave of refi deals to come out of the region this year.

Standard Bank has offered banks five different participation levels on its $750m syndicated loan, which it expects to grow to $1.25bn once commitments come in.