Northeast Asia

GAC-Sofinco Auto Finance, a joint venture between Crédit Agricole Consumer Finance and Guangzhou Automobile Corp, will hit the Chinese auto ABS market with a Rmb6bn ($854m) four-tranche transaction next Thursday, marking its largest deal so far.

In this round-up, profits at Chinese industrial companies declined further in October, Sun Hung Kai Financial (UK) became the latest GDR conversion institution and MSCI said it will not include more Chinese A-shares into its indices until access concerns are addressed.

In this round-up, US president Donald Trump signed the Hong Kong Human Rights Act into law despite trade tension with China, the Ministry of Finance allocated Rmb1tr ($142.2bn) of special project bond quotas to local governments and the Chinese State Council has set its sights on financing infrastructure projects.

South Korean credit card company Hyundai Card has put together a syndicate team for its IPO, which is expected to value the company at around $2bn.

China’s Tianfeng Securities Co, based in the Hubei province, has sold its first dollar transaction, raising a modest amount of $200m after a large price tightening.

Jiangxi Provincial Water Conservancy Investment Group Corp sold its $300m debut international bond with no new issue premium, as strong investor support allowed the Chinese company to squeeze pricing.

Chinese agribusiness company New Hope Group has returned to the offshore loan market for a $300m facility.

FAB hires for China expansion – Wong heads to HSBC for loans – Citi nabs two HSBC real estate bankers

Zhejiang Geely Holding Group, a Chinese developer and seller of vehicles, has closed its third offshore loan of the year, raising €400m from a group of eight lenders.

I recently went to Beijing to catch up with a young friend who works at a large Chinese state-owned bank.

Chinese car manufacturer Geely Automobile Holdings came out with its first perpetual deal this week, raising $500m while paying a small premium over its outstanding senior bond.

China Construction Bank, the largest originator of Chinese RMBS, wrapped up a Rmb11.52bn ($1.64bn) four tranche deal on Wednesday. It was just the latest of a regular series of mortgage-backed deals from the bank — but this time, it doubled-down on marketing to foreign investors.