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Sunday, 22 July 2018

Carol Chan' s stories

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  • SF reopens investment-grade market

    Emerging Markets | 20 July 2018

    Delivery company SF Holding reopened the US dollar market for Chinese investment-grade new issues with a US$500m debut that drew strong demand.

  • Developers won't be put upon

    Emerging Markets | 20 July 2018

    Chinese property developers are offering juicy step-ups on onshore puttable bonds to relieve growing refinancing pressures, but the sweeteners are not swaying domestic investors worried about rising default risks.

  • A gas injection site of Xiangguosi underground gas storage run by PetroChina is seen in Chongqing, China.

    Default pressures weigh on China bonds

    Top News | 13 July 2018

    More sudden shocks in China’s bond markets sent investors running for cover last week, dealing a further blow to Asia’s fragile US dollar high-yield credit market.

  • Agile flop adds to high-yield woes

    Emerging Markets | 13 July 2018

    Agile Group Holdings, one of the best-known overseas issuers from China’s property sector, pushed its borrowing costs more than 100bp higher last Wednesday as it struggled to complete a modest US$200m new issue in a weak market.

  • China squeezes property bond sales

    Emerging Markets | 29 June 2018

    Chinese property developers are facing tighter scrutiny over their offshore bond sales, after an aggressive fundraising spree triggered a warning from the state planner.

  • China Huarong Asset Management

    China Huarong offshore return shows floater appeal

    Ticker | 27 June 2018

    China Huarong Asset Management, rated A3/A–/A, showed demand continues to be strong for floating-rate paper, as it priced a US$1.1bn triple-tranche US dollar senior unsecured bond offering.

  • China developers rethink call options

    Emerging Markets | 22 June 2018

    A tough primary market and rising funding costs have brought call options on Chinese property bonds into focus, with several issuers planning to skip call dates on offshore bonds.

  • A view of a street is reflected on a glass wall of a building bearing the logo of Industrial and Commercial Bank of China (ICBC) in Beijing.

    ICBC Asia prints first Green bond from a HK lender

    Ticker | 14 June 2018

    Industrial and Commercial Bank of China (Asia), rated A2/A (Moody’s/S&P), printed the first Green bond from a Hong Kong-registered bank.

  • Staff members set up Chinese and U.S. flags for a meeting

    Default watch for offshore China debt, as CERCG misses payment

    Top News | 01 June 2018

    Nervous investors sent several Chinese high-yield bond issues tumbling last week after warnings of rising default rates triggered a guessing game over the next company to run into trouble.

  • A Chinese national flag flutters at the headquarters of a commercial bank on a financial street near the headquarters of the People's Bank of China, China's central bank, in central Beijing.

    BOC prints first Sustainability bonds by a Chinese issuer

    Ticker | 01 June 2018

    Bank of China yesterday became the first Chinese issuer of Sustainability bonds, whose proceeds will be used to fund projects with environmental and socio-economic benefits.

  • He Lifeng, Chairman of China's National Development and Reform Commission, speaks at the annual session of China Development Forum (CDF) 2018 at the Diaoyutai State Guesthouse in Beijing, China.

    China offshore debt rush accelerates

    Top News | 18 May 2018

    Dozens more Chinese companies are lining up to sell offshore bonds, adding to the pressure on a market already buckling under the weight of supply.

  • Floaters back in favour as rates head higher

    Emerging Markets | 11 May 2018

    Floating-rate US dollar bond offerings from Asian issuers enjoyed enthusiastic responses from investors and outperformed fixed-rate bonds in the secondary market amid expectations of further rate increases from the US Federal Reserve.

  • Hong Kong details scheme to boost bond issuance

    People & Markets | 11 May 2018

    The Hong Kong Monetary Authority last week announced details of a three-year pilot grant scheme to encourage more companies to issue bonds in Hong Kong for the first time.

  • Top SOEs dodge volatility

    Emerging Markets | 27 April 2018

    China’s top-tier state enterprises kept up the pace of offshore bond issues last week despite a spike in US Treasury yields, underlining the value of a loyal following in volatile market conditions.

  • A logo of Huawei is seen during the Mobile World Congress in Barcelona, Spain.

    Iran probe scuppers Huawei's euro debut

    Top News | 27 April 2018

    Chinese technology company Huawei Investment & Holding called off its first euro-denominated bond issue late on Wednesday following reports of a US investigation into its dealings with Iran.

  • Huawei

    Iran probe scuppers Huawei's first euro bond

    Ticker | 26 April 2018

    Chinese technology company Huawei Investment & Holding called off its first euro-denominated bond issue late on Wednesday following reports of a US investigation into its dealings with Iran.

  • China property bond yields rise

    Emerging Markets | 20 April 2018

    Heavy supply from the Chinese property sector kept the pressure on yields last week as 12 developers issued about US$5bn of offshore bonds.

  • Bank of China prices latest BRI jumbo

    Emerging Markets | 13 April 2018

    Bank of China, rated A1/A/A, has printed US$3.2bn of bonds in four currencies to support projects under China’s Belt and Road Initiative.

  • Upgrades boost property bond rush

    Emerging Markets | 13 April 2018

    Seven Chinese property developers tapped international investors for a combined US$3.88bn last week, capitalising on improving sentiment towards the industry and a slew of recent credit upgrades.

  • Issuers rush to beat NDRC clock

    Emerging Markets | 29 March 2018

    Chinese issuers rushed to sell bonds last week ahead of the expiry of their offshore debt issuance quotas at the end of the quarter, but met with mixed results.

  • Chinese SOEs pay up for perps

    Emerging Markets | 09 March 2018

    Facing the prospect of further regulatory pressure to trim debt, three Chinese state-owned enterprises issued perpetual bonds last week despite poor market conditions and a hefty price tag.

  • China property bond rush resumes

    China property bond rush resumes

    Top News | 02 March 2018

    Chinese property companies were back in the international markets last week with a vengeance, with 10 new issues piling pressure on an already weak primary sector.

  • HNA downgrades mount as managers pledge support

    Emerging Markets | 16 February 2018

    HNA Group said on February 14 that some of its directors and top executives had purchased offshore US dollar bonds guaranteed by the company, as it continues to try to reassure investors about its stretched finances.

  • Volatility sidelines Asian issuers

    Emerging Markets | 09 February 2018

    Global volatility meant only a handful of Asian issuers dared brave the offshore bond market last week, and those that did had to pay up.

  • A giant panda

    Sharjah scores Panda first

    Top News | 02 February 2018

    Sharjah, the third-largest constituent of the United Arab Emirates, last Thursday became the first Middle Eastern issuer to sell Panda bonds, paving the way for more cash-strapped Gulf sovereigns to raise funds in China.

  • Investors weigh up LGFV risks

    Emerging Markets | 02 February 2018

    Recent revelations that some Chinese regions are in poorer financial shape than earlier thought are leading investors to take a harder look at the risks involved in debt linked to local governments.

  • An Emirati flag flies over Ras al-Khamiah's Jabal Jais Mountain where the world's longest zip-line was opened, UAE.

    Sharjah prints first Panda bond from the Middle East

    Ticker | 02 February 2018

    Sharjah, the third largest constituent of the United Arab Emirates, has become the first Middle Eastern issuer to sell Panda bonds, paving the way for more cash-strapped Gulf sovereigns to raise funds in China.

  • Chinese rating agencies look overseas

    People & Markets | 26 January 2018

    Chinese rating agencies are betting that growing cross-border issuance volumes and deeper trading links will finally help them break into the international market.

  • China LGFVs pass latest test

    Emerging Markets | 19 January 2018

    A default scare in China’s onshore debt markets has put the spotlight on the country’s local government finances at a time when more financing vehicles are turning to the offshore markets to raise funds.

  • Customers look at a model of a new residential compound, at a showroom of Longfor Properties Co. Ltd., in Hangzhou, Zhejiang province.

    Chinese developers rush offshore

    Top News | 12 January 2018

    Seven Chinese property developers last week sold a combined US$3.375bn of US dollar bonds, raising expectations for another year of heavy supply from the sector.

  • Asian debt binge set to continue

    Asian debt binge set to continue

    Top News | 05 January 2018

    Asian offshore bonds may test 2017’s record this year even as tight valuations cast doubts over the ability of the asset class to outperform again.

  • China rules primary issuance

    Emerging Markets | 15 December 2017

    Chinese issuance of US dollar bonds soared to another record in 2017 and may account for an even bigger share of regional supply next year, as the mainland’s deleveraging campaign leads to more refinancings, bankers and analysts say.

  • Elion highlights Chinese HY risks

    Emerging Markets | 24 November 2017

    A Chinese issuer with plans to sell US dollar bonds missed a repayment deadline on its onshore notes last week, sending a warning sign to investors already wary of mounting supply from high-yield names.

  • CIC unit plans offshore debut

    Emerging Markets | 10 November 2017

    China Jianyin Investment (A2/A/A+), an investment arm of the nation’s sovereign wealth fund China Investment Corp, is preparing a debut offering of dual-currency bonds in the international market, providing a new opportunity for investors who missed out on the recent sovereign issue.

  • PRC bonds bask in sovereign halo

    Emerging Markets | 03 November 2017

    Bullish sentiment in the wake of China’s tightly priced US$2bn sovereign US dollar offering is benefiting state-owned issuers in the offshore market, especially those under the control of the central government.

  • Vanke goes long at lower cost

    Emerging Markets | 03 November 2017

    China Vanke (rated Baa1/BBB+/BBB+) last Thursday printed US$1bn of US dollar notes on its first foray into the international bond market after its shareholder and management power tussle was settled.

  • China prices close to Treasuries

    China priced close to Treasuries

    Top News | 27 October 2017

    The People’s Republic of China issued one of the tightest priced offshore sovereign bonds on record in its return to the US dollar market after a 13-year absence, sealing its position as an economic heavyweight in global debt capital markets.

  • China closes in on sovereign return

    Investors rethink China spreads in rush for sovereign bond

    Ticker | 27 October 2017

    The People’s Republic of China issued one of the tightest US dollar sovereign bonds on record, sealing its position as an economic heavyweight in global debt capital markets.

  • Chinese issuers play for time

    Emerging Markets | 20 October 2017

    More Chinese issuers are expected to launch US dollar bonds with tenors of less than a year in the next two months because of the pause in regulatory approvals for longer-dated notes.

  • China Merchants Bank logos

    China Merchants Bank adds supply to Chinese bank AT1s

    Ticker | 20 October 2017

    The supply of Chinese US dollar Additional Tier 1 securities continues to rise, with yesterday’s US$1bn offering from China Merchants Bank (Baa1/BBB+/BBB) and today’s marketing of US$1.5bn of proposed AT1s by Bank of Jinzhou.

  • Haier enjoys sovereign support

    Emerging Markets | 13 October 2017

    Sovereign wealth funds and other top-tier investors helped Haier Group to print an unrated perpetual bond at one of the lowest coupons on record for a Chinese issuer.

  • ICBC Luxembourg in Green bond debut

    Emerging Markets | 29 September 2017

    Industrial and Commercial Bank of China, Luxembourg branch, rated A1 (Moody’s), printed a triple-tranche US$2.15bn debut issue of dual-currency Green bonds last week.

  • China hits pause on dollar debt

    China hits pause on US dollar bonds

    Top News | 29 September 2017

    The record run of offshore bond issues from China is set to come to an end in the fourth quarter after a slowdown in regulatory approvals.

  • PSBC prioritises price on record AT1

    Emerging Markets | 22 September 2017

    Postal Savings Bank of China (A2/A/A+) printed last Thursday Asia’s largest bank capital offering with a US$7.25bn sale of Additional Tier 1 securities, but fell short of its maximum target to focus on price.

  • Postal Savings Bank of China

    Postal Savings Bank of China prints Asia's biggest US$ AT1

    Ticker | 22 September 2017

    Postal Savings Bank of China (A2/A/A+) yesterday printed Asia’s largest bank capital offering with a US$7.25bn sale of Additional Tier 1 non-cumulative perpetual offshore preference shares.

  • Postal Savings Bank of China

    PSBC looks for offshore AT1 support

    Top News | 15 September 2017

    Postal Savings Bank of China is marketing a record offering of bank capital securities to investors in Asia and Europe this week, despite expectations that the bonds will end up almost entirely with mainland buyers.

  • Postal Savings Bank of China

    Postal Savings Bank of China to kick off US$7.6bn AT1 deal

    Ticker | 14 September 2017

    Postal Savings Bank of China (A2/A/A+) will meet investors in Hong Kong, Singapore, Paris and London starting on Friday for a planned Rmb50bn (US$7.6bn) offering of US dollar-denominated Additional Tier 1 preference shares.

  • The Bank of Qingdao logo is seen above the entrance to an office of the bank, in Qingdao, Shandong province, China.

    Bank of Qingdao sails to US$1.2bn AT1 target

    Ticker | 13 September 2017

    Bank of Qingdao, a Chinese lender with so little following outside the mainland that its Hong Kong stock traded on only five days in August, had no trouble printing US$1.203bn of Additional Tier 1 securities on Tuesday at 5.5%.

  • China banks ready AT1 onslaught

    Emerging Markets | 08 September 2017

    Chinese institutions are preparing to sell almost US$19bn of Additional Tier 1 capital in the international market, testing offshore support for a second tier of commercial banks and city lenders.

  • Agile makes tight revisit for dollars

    Emerging Markets | 11 August 2017

    Chinese property developer Agile Group Holdings, rated Ba3/BB– (Moody’s/S&P), sold US$200m of tightly priced senior notes last Monday on its first visit to the US dollar bond market in more than two years.

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