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Friday, 15 December 2017

Carol Chan' s stories

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  • 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.

  • Agile

    Agile revisits US dollar bond market with tight pricing

    Ticker | 08 August 2017

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

  • SUNAC

    Sunac shines through debt concerns

    Top News | 04 August 2017

    Chinese property developer Sunac China Holdings defied warnings over the impact of its recent acquisition spree with a US$1bn bond issue that showcased investors’ continued confidence in the sector.

  • China Property

    Future Land revamps capital structure

    Top News | 04 August 2017

    Chinese property developer Future Land and its chairman have lined up nearly US$800m of bonds and loans to cancel its Hong Kong listing and shift the group’s main financing platform to Shanghai.

  • 'Pilot' SOE set for dollar debut

    Emerging Markets | 28 July 2017

    One of two “pilot” state firms mandated last year to manage shareholdings on behalf of China’s central government is preparing a debut offering of US dollar bonds to build its global profile.

  • Shougang prints debut euro bond to expand funding channels

    Ticker | 28 July 2017

    Chinese steelmaker Shougang Group last Thursday printed a debut €400m euro-denominated bond to expand its funding channels and investors base.

  • CDB Financial Leasing revisits US dollar bond market

    Ticker | 26 July 2017

    China Development Bank Financial Leasing, rated A1/A+/A+, has sold US$1bn dual-tranche senior unsecured bonds in its first visit to the US dollar bond market in more than two years.

  • Future Land bonds steady after buyout news

    Emerging Markets | 21 July 2017

    Holders of Future Land Development Holdings’ US dollar bonds have reacted calmly to the prospect of early redemption after the company announced a buyout and delisting plan last Tuesday.

  • China Life Overseas makes stellar dollar debut

    Emerging Markets | 21 July 2017

    China Life Insurance (Overseas), Hong Kong branch, rated A1/A+ (Moody’s/S&P), made its US dollar bond debut with an offering of US$250m of subordinated 10-year non-call five capital securities.

  • An employee works behind the counter inside a China Life Insurance Co. branch in Nanjing, east China's Jiangsu province.

    China Life Overseas debut dollar bond sees strong demand

    Ticker | 21 July 2017

    China Life Insurance (Overseas), Hong Kong branch, rated A1/A+ (Moody’s/S&P), made its US dollar bond debut with an offering of US$250m subordinated 10-year non-call five capital securities.

  • China property

    Supply glut eases for China HY

    Top News | 14 July 2017

    High-yield investors brushed aside concerns of oversupply in the Chinese property sector to welcome four more issuers last week, underlining the market’s depth of demand.

  • ChemChina headquarters

    ChemChina makes a quick return with US$3bn three-trancher

    Ticker | 13 July 2017

    China National Chemical Corp, rated Baa2/BBB/A–, has made a quick return to the US dollar bond market, raising US$3bn from a three-tranche deal as it continues refinancing the facilities used to pay its Syngenta acquisition.

  • Perpetuals talk of town again

    Greentown China US$450m perps draw massive demand

    Ticker | 12 July 2017

    Chinese property developer Greentown China Holdings, rated Ba3/BB– (Moody’s/S&P), drew massive demand for a US$450m senior perpetual non-call three securities offering with an investor-friendly structure and an attractive yield.

  • A backdrop displays the title of Bond Connect at Hong Kong Exchanges in Hong Kong

    Bond Connect passes primary test

    Top News | 07 July 2017

    Offshore investors bought about Rmb5.4bn (US$794m) of new onshore bonds through the Bond Connect scheme last week, showcasing the trading link’s role in deepening China’s primary markets.

  • Robust demand greets Longfor

    Emerging Markets | 07 July 2017

    Longfor Properties (Baa3/BBB-/BBB-), an infrequent issuer in the US dollar bond market, met with robust demand for its US$450m five-year senior bonds, priced last Thursday.

  • Chinese property plays keep up HY pressure

    Emerging Markets | 30 June 2017

    Property developerFantasia Holdings Group added more supply to a weak high-yield bond market last week, pricing its second offshore issue in a month just days after receiving regulatory approval.

  • Fantasia holdings

    Fantasia prints second US dollar bond in a month amid heavy supply

    Ticker | 29 June 2017

    Fantasia Holdings Group, rated B2/B+ (Moody’s/S&P), yesterday managed to print its second US dollar bond in a month despite signs of indigestion in the market after last week’s heavy supply from China Evergrande Group and Kaisa Group Holdings.

  • Road King in dual capital boost

    Emerging Markets | 23 June 2017

    Last week was a busy one for Hong Kong-listed Road King Infrastructure, which sold its second fixed-for-life perpetual bond in five months and launched an IPO of its toll-road assets.

  • Road King Infrastructure

    Road King prices second fixed-for-life perp in five months

    Ticker | 20 June 2017

    Road King Infrastructure, rated B1/BB– (Moody’s/S&P), yesterday priced its second fixed-for-life perpetual bond in five months, raising US$300m for business expansion.

  • A group who identified themselves as China-U.S. Enterprise wait to view the motorcade of Chinese President Xi Jinping before his meeting with US President Donald Trump at Palm Beach International Airport in West Palm Beach, Florida.

    China springs sovereign bond surprise

    Top News | 16 June 2017

    The People’s Republic of China sent market participants into a guessing game last week over the motives behind its plan to sell US dollar bonds overseas for the first time in 13 years.

  • HK developers fill supply void

    Emerging Markets | 16 June 2017

    Hong Kong property developers are taking advantage of a lull in issuance from their mainland counterparts to raise funds in the US dollar bond market at attractive costs.

  • China issuers ride short-term wave

    Emerging Markets | 16 June 2017

    Growing scrutiny over offshore Chinese bond issues gave added impetus to a rush of short-term financings last week, with another US$800m of dollar notes hitting the market on Thursday.

  • Three Gorges makes strong debut

    China Three Gorges prints debut euro Green bond

    Ticker | 15 June 2017

    State-owned hydropower company China Three Gorges (A1/A+/A+) printed a debut €650m euro-denominated Green bond to raise funds for green power projects in Europe.

  • Shui On reopens high-yield for resurgent PRC property sector

    Shui On Land prints second US$ bonds in five months

    Ticker | 13 June 2017

    Shui On Land has priced its second US dollar bond offering in five months, again pulling in huge orders due to a shortage of high-yield property supply amid ample market liquidity.

  • Ananda Development - Atoll Maldives

    Silk Road leads BoCom to Maldives

    Top News | 02 June 2017

    The Republic of Maldives made its debut in the international capital markets last week with a US$200m five-year bond issue that marked the first sovereign sole mandate in US dollars for a Chinese investment bank.

  • Chinese developers eye short-dated issues

    Emerging Markets | 26 May 2017

    Chinese property developers are being urged to look at very short-dated US dollar bonds as a way around tighter scrutiny of offshore borrowing.

  • ChemChina headquarters

    ChemChina blowout overcomes China downgrade

    Top News | 26 May 2017

    China National Chemical Corp made a storming debut in the US dollar bond market, drawing huge oversubscription despite early market jitters caused by Moody’s downgrade of China’s sovereign rating.

  • Chinese flag

    China squeezes LGFV pipeline

    Top News | 12 May 2017

    The return of Chinese local government financing vehicles to the offshore bond markets has been further delayed after six domestic regulators ordered local authorities to curtail off-budget funding.

  • CK Hutchison US$1bn PNC5 draws strong demand

    Ticker | 10 May 2017

    CK Hutchison Holdings revisited the US dollar bond market after less than two months with a US$1bn subordinated perpetual non-call five offering that drew strong demand from investors.

  • Chinese developers get creative

    Emerging Markets | 05 May 2017

    Chinese property developers are on the hunt for onshore or offshore funding alternatives in anticipation of further government measures to rein in soaring house prices.

  • State Grid flickers in secondary

    Emerging Markets | 28 April 2017

    A recent surge in dollar bond sales weighed on last week’s new issue from State Grid Corporation of China, as Asia’s biggest deal of the year traded poorly in the secondary market.

  • SDIC Group logo

    State Grid prints Asia's largest US dollar offering of 2017

    Ticker | 27 April 2017

    State Grid Corporation of China, rated Aa3/AA–/A+, has printed the largest US dollar bond deal from Asia this year at US$5bn, raising money to fund its overseas buying spree.

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