Northeast Asia

Genius Auto Finance will come back to the Chinese auto loan ABS market for a Rmb4bn ($564m) trade next week. That is the same size as its last deal, but the originator will scrap the mezzanine tranche this time around.

Hong Kong’s stock exchange has hired former employee Bonnie Y Chan as its new head of listing. She will start next year.

Argenta Spaarbank and Sumitomo Mitsui Financial Group were both marketing senior bonds on Tuesday, making use of the favourable backdrop in the primary market. While Sumitomo was quick to build demand for its bond, Argenta struggled to gather enough demand volume to move the spread from price thoughts.

Property manager Sichuan Languang Justbon Services Group has raised HK$1.59bn ($202.3m) from its IPO, after a surge of demand from institutional and retail investors, according to a source close to the deal.

China Lesso Group has increased a four year borrowing to around $1.1bn, after attracting 16 lenders during syndication.

Powerlong Real Estate Holdings pulled off a top-up placement on Monday night, raising HK$791.6m ($100.9m) after pricing the deal toward the bottom of guidance.

High yield issuer Kunming Municipal Urban Construction Investment & Development Co priced its inaugural dollar bond on Monday, raising $300m at a yield that was comparable to some higher rated local government financing vehicles (LGFVs).

Hong Kong’s stock exchange has awarded China Feihe, a baby milk formula producer, its final stamp of approval to list.

Shanghai Sinooil Energy Holding Hong Kong, a subsidiary of state-owned China Energy Reserve and Chemical Group, has defaulted on a $400m offshore loan.

Sinopharm raised Rmb2.8bn ($396m) from a red Panda bond on Saturday. The state-owned traditional Chinese medicine company switched to a shorter tenor to achieve tight pricing.

China Grand Automotive Services Group Co has launched an offer to exchange two dollar bonds in part, leading to a sell-off in its existing curve in the days following the announcement.

In this round-up, China and the United States emerged out of a two-day trade talk with a “phase one” deal, China’s securities regulator set dates for further opening up of onshore financial markets and the Monetary Authority of Macau plans to launch a Nasdaq-like stock exchange for the offshore renminbi market.