Northeast Asia

Mercedes-Benz Auto Finance scored a tightly priced Rmb6.26bn ($914m) dual tranche auto securitization trade on Tuesday. The senior tranche was priced inside comparable levels, a first for the issuer and a rarity in China's auto ABS market.

China Minsheng Bank has appointed Kenny Chik as head of syndication and acquisition finance, replacing Wang Sheau Huei, who has left the Chinese lender, according to a source familiar with the move.

Green dollar bonds from Chinese high yield real estate developers are rare, but property companies have the potential to push the green market in the region to the next level — and see some pricing benefits in the process.

The Republic of Poland, the first European country to issue a Panda bond in August 2016, has finished the documentation process for its second onshore renminbi offering, GlobalCapital China understands.

Central China Securities Co opted for a short 363 day bond for its maiden dollar debt outing, testing the waters first before planning longer-dated deals and potentially getting an international rating.

Ant Group has tackled more than two dozen questions posed by the Shanghai Stock Exchange ahead of its concurrent jumbo IPOs on the Star market and Hong Kong. The digital payment firm’s ownership structure, especially its ties to Alibaba Group Holding, as well as its business model and use of the listing proceeds were under scrutiny.

Real estate-focused software company Ming Yuan Cloud Group Holdings has kicked off pre-deal investor education for its Hong Kong listing, according to a senior source close to the transaction.

CPI Ronghe Financial Leasing, a subsidiary of Chinese state-owned State Power Investment Corp, has returned to the loan market for $150m.

Chinese car manufacturer Great Wall Motors has increased the size of its loan to $700m-equivalent.

The Republic of Korea has picked banks to arrange meetings to promote a pair of international bonds, including one in euros, which would be the country’s first in the currency for six years.

CNCB (Hong Kong) Investment, a subsidiary of China Citic Group, is planning to repay a $800m loan raised in 2018 after struggling to get consent from lenders for covenant waivers.

Chinese government-related entities (GREs) and local government finance vehicles (LGFVs) received more rating upgrades than downgrades from Fitch Ratings in the first half of 2020, but the pricing differences between bonds from quality names and weaker credits remain stark, said DCM bankers.