Northeast Asia

Months after failing to repay both renminbi and dollar bonds, Haikou Meilan International Airport has now confirmed the non-payment, adding to the spate of recent defaults from Chinese issuers.

Certified green bond issuance globally has reached new highs this year, boosted by transactions from some of China’s largest banks. But deal flow from the Mainland still remains focused on the onshore market, with just a small group of borrowers venturing out to international investors.

In this round-up, Chinese exports shrank in November while imports rose unexpectedly, the China Banking and Insurance Regulatory Commission (CBIRC) will lift foreign ownership caps on life insurance companies to 51%, and the Mainland will waive import tariffs on US soybeans and pork.

GDS Holdings raised $250m from a follow-on offering of new shares on Thursday, according to a term sheet seen by GlobalCapital Asia.

Chinese real estate firms Seazen Holdings Co and China South City Holdings both came to the dollar bond market this week, making use of a narrowing window for issuance before the year ends.

GAC-Sofinco Auto Finance, a joint venture between Crédit Agricole Consumer Finance and Guangzhou Automobile Corp, wrapped up a Rmb6bn ($851m) four tranche internationally rated auto ABS deal on Thursday. The trade was priced tightly thanks to the issuer’s good relationship with banks.

Times Neighborhood Holdings is set to hit the market with its Hong Kong IPO next week, according to a source close to the deal.

In this round-up, conflicting trade war headlines confuse the market, Huawei sues the Federal Communication Commission amid public relations troubles at home and the People’s Bank of China (PBoC) signs a three year bilateral currency swap agreement with the Monetary Authority of Macao.

China Merchants Commercial Real Estate Investment Trust has raised HK$2.6bn ($327.6m) from its IPO, breaking a six-year drought of Reit listings in Hong Kong.

Chinese local government financing vehicle (LGFV) Kunming Rail Transit Group Co made its inaugural appearance in the dollar market on Thursday, raising $500m after a large price tightening.

China Bohai Bank has begun working with four Chinese banks on a multi-billion-dollar IPO expected in Hong Kong next year, according to a source familiar with the matter.

Loans bankers are having a tough time at the moment, forced to reflect on a difficult year and struggling for new deals as bonus season looms. They are spending the last few weeks of December tweaking pitches — but most admit they have little confidence about a boom in 2020. Pan Yue reports.