Northeast Asia

Chinese real estate borrowers swarmed the international bond market on Wednesday, raising a combined $1.05bn across four transactions.

Chinese local government financing vehicle (LGFV) Yiwu State-owned Capital Operation Co replicated its peers’ recent bond pricing success, to raise $500m with a 65bp price tightening during bookbuilding.

Everbright Water got its second attempt at a Panda bond past the finish line this week, two months after pulling a deal due to poor liquidity and climbing yields.

Agricultural Development Bank of China raised Rmb4.3bn ($618m) from its second dim sum outing this year. Thanks to strong support from Chinese banks, the offshore renminbi bond market offered the issuer clear pricing advantages over the onshore market.

Chinese property developer Tahoe Group has defaulted on a third domestic bond in 30 days, as uncertainty remains over whether a tie-up with its peer China Vanke Co would eventually go ahead.

Melco Resorts Finance tapped its 5.75% 2028 notes on Tuesday, adding another $350m to the trade.

Alibaba Health Information Technology has sealed Hong Kong’s largest primary follow-on in five years, navigating concerns over high valuations to increase the size of the deal to HK$10bn ($1.29bn).

Hong Kong real estate company Swire Properties has raised a HK$1bn ($129m) green loan to make some of its projects more eco-friendly.

HKR International, a conglomerate with operations in property development and healthcare, has turned to the loan market after five years for a HK$3.35bn ($432m) facility.

Alibaba Health Information Technology hit the market on Tuesday evening to raise up to HK$8.2bn ($1.06bn) in fresh equity from a follow-on, according to a term sheet seen by GlobalCapital Asia.

CP Pokphand Co, the Hong Kong-listed investment arm of Thailand’s Charoen Pokphand Foods, has closed a $400m loan for refinancing with 15 lenders.

China’s hands-on approach into investigating Luckin Coffee signals that the regulators are serious about cracking down on financial crimes by corporations. But the full extent of their commitment will only be revealed by how they tackle similar problems in the future.