Northeast Asia

Power Construction Corporation of China (PowerChina) and Yingde Gases Group Co each sold a $500m bond on Thursday, taking advantage of a receptive market.

Chinese internet company Tencent Holdings added an impressive $5bn to its coffers on Thursday from its first international bond since 2015. While pricing looked fair, what surprised the leads was the strong participation from US investors.

The State Administration of Foreign Exchange (Safe) has poured cold water over claims that China may stop buying US Treasury bonds. But there is a need for the country to diversify its debt portfolio in the long run if it is serious about promoting RMB internationalisation, economists told GlobalRMB.

Three Chinese property companies, Jiayuan International Group, Golden Wheel Tiandi Holdings Company and SEA Holdings, have managed to meet their respective funding targets despite hitting the dollar bond market on a crowded day.

The Chinese government contemplates RMB-denominated IPOs for mainland companies fundraising for Belt and Road projects, foreign ownership of Chinese bonds goes up in December, and premier Li Keqiang indicates the economy grew by 6.9% in 2017.

Equity investors had their fill of block trades in Hong Kong on Thursday, with three completed successfully — and two even managing to raise more than intended.

China Maple Leaf Educational Systems has added HK$1bn ($127.9m) to its coffers after selling a chunk of shares through a top-up placement, capitalising on a recent jump in its stock price.

Hyundai Oilbank, a subsidiary of shipbuilding giant Hyundai Heavy Industries, has appointed six firms to run its potential multi-billion-dollar listing expected later this year.

Jack Ma, one of the founders of technology giant Alibaba Group Holding, said this week he will seriously consider listing the company in Hong Kong, which has finally approved dual-class share IPOs. It is a sign of what lies ahead for the city’s stock exchange, writes Jonathan Breen.

India’s IL&FS Transportation Networks sold a Rmb900m ($138.21m) offshore renminbi bond on Wednesday, making it the first high yield issuer to seal a deal in the market in more than 16 months.

Ford Automotive Finance (China) is preparing for a Rmb4bn ($614m) deal in the onshore asset-backed securities market – the first by a foreign originator in 2018. But the carmaker is not in the mood for change in the New Year, sticking with the same format it printed in last August.

The equity block trade market is heating up in Hong Kong as shares continue to rally, with banks launching one sole mandate after another.