Northeast Asia

Property developer Sino-Ocean Group Holdings is set to return to the Panda bond market with a Rmb3bn ($467.9m) three year trade — its first Panda since its debut in the asset class last March.

Zhongyuan Bank Co is looking to raise Rmb10bn ($1.56bn) from an offshore additional tier one transaction, according to a Sunday filing with the Hong Kong Stock Exchange.

Cayman Islands-based Morgan Stanley Formosa Holdings opened a block sale of CTBC Financial Holdings’ stock on Monday, hoping to raise up to NT$5.9bn ($202.3m).

AerCap Holdings, one of the world's largest aircraft leasing companies, has approached banks for a $600m four year revolver, with three lenders co-ordinating the syndication.

Korea Southern Power Co (Kospo) is returning to the offshore dollar bond market after almost five years, becoming the first issuer from the country to tap international investors in 2018.

China Foreign Exchange Trade System (CFETS) insists that the counter-cyclical factor remains in place, the Chinese central bank introduces a new limit on cross-border financing for commercial banks, and China Securities Regulatory Commission (CSRC) reportedly cracks down on risky private bond issuance.

Credit Suisse has appointed Zeth Hung and Carsten Stoehr as replacements for Mervyn Chow, one of its most senior investment bankers in Asia.

Geely Automobile Holdings opted for price over size with its new bond, landing aggressively at the middle of the final guidance range. The tactic meant the private company funded at or even inside the levels of some similarly or higher rated state-owned enterprises (SOE).

Peking University Founder Group Company and Bank of Communications Financial Leasing Co used keepwell deeds for their dollar bond sales on Thursday, paying a bit of premium for the structure.

Ford Automotive Finance (China) started the year in China’s asset-backed securities market by selling a Rmb4bn (Rmb618.3m) deal on Thursday. The deal was open to foreign investors, but onshore demand formed the core support for Ford’s sale, sources on the deal told GlobalRMB.

Chinese issuers Jinjiang International Holding, China South City Holding, Guangxi Communications Investment Group Corp and Tianjin Real Estate Group Co tapped the market for euro and dollar bonds on a busy Thursday.

China’s FX watchdog tells corporates to prepare for more volatility in the RMB exchange rate, the chief of China Banking Regulatory Commission (CBRC) criticises illegal activities in the banking sector, and a domestic Chinese credit rating agency moves US sovereign rating as a result of the recent tax cut.