Northeast Asia

Chinese property companies that have been relying heavily on the country’s banks for their offshore loans should beware. The mainland bank lending tap may not be open for too long.

Chinese company Tewoo Group Co took the unexpected decision of pulling its bond outing this week after concerns around indebted firms from Tianjin spooked investors, making them question the credentials of a deal from the city. Morgan Davis reports.

China National Building Material (CNBM) is considering changing the guarantor of its $160m debut offshore borrowing in a bid to cut pricing.

China Merchants Bank Co Hong Kong branch has sold a dual-tranche transaction worth $800m, tapping into both the fixed rate and floating rate investor bases.

Two state-owned companies from Shenzhen and Sichuan managed to woo investors to their dollar bonds on Tuesday, thanks in part to the strong credentials of their respective provinces.

BMW Automotive Finance (China) Co priced a Rmb4.5bn ($656m) Bavarian Sky China 2018-1 securitization this week, its largest China auto ABS deal to date.

Kakao Games, the gaming arm of South Korean internet conglomerate Kakao Corp, has pushed back its IPO until 2019 following a change in its priorities.

Dexin China Holdings, a Mainland property developer, has applied to list in Hong Kong through CCB International as sole sponsor.

WuXi AppTec has filed for a possible $1.9bn dual listing in Hong Kong after making a splash with its Shanghai IPO in May.

In GlobalRMB's Best Bank Awards for China DCM, Standard Chartered wins for ABS and CNH, HSBC takes home the G3 Bond House Award, and Bank of China gets kudos as the Best House for Panda bond issuers.

Securities services was one of the most competitive award categories GlobalRMB had to decide this year. Our awards criteria demanded the near-impossible from participating banks: to beat the competition in the fast-changing China access scheme, while at the same time demonstrating a broad client base and the ability to be at the cutting edge of innovation.

Sumitomo Mitsui Trust Bank brought its debut euro deal to the market on Tuesday as it looked to diversify its funding, racking up more than €2.3bn of demand.