Agricultural Bank of China

Shanghai Pudong Development Bank (SPDB) leaned on a large syndicate team to sell a dual-currency bond that was mainly bought by other Chinese banks.

Genertec Universal Medical Group, a Hong Kong-listed healthcare services company, has received strong response during syndication for its latest loan.

Senior and covered bond plans were flowing into the deal pipeline on Monday, with issuers keen to buck the softer tone and print before the start of the summer break.

Agricultural Bank of China sold a multi-currency deal through its Hong Kong branch this week, raising $1.322bn.

Industrial Bank has sold a dual-currency deal through its Hong Kong branch, becoming the first Chinese lender to print an offshore ‘carbon neutrality bond’. It relied heavily on support from a 42-member syndicate team, as well as its relative rarity in the international debt market, to nab around $922m.

One of China’s big four banks, Agricultural Bank of China, and securities house Haitong International Securities Group joined the flurry of Chinese bond deals in the offshore market this week.

China Construction Bank Corp turned to the bond market on Thursday to sell a $2.4bn equivalent multi-currency transaction, with each tranche carrying a socially responsible investment (SRI) label. But recent volatility in the region’s credit market, and the issuer’s own ‘ambiguous’ approach to the trade, posed challenges.

Dongfeng Nissan Auto Finance Co came to China’s ABS market this week with a Rmb4.41bn ($673m) auto loan deal under the Vinz series, taking advantage of a recent decline in onshore yields.

The New Development Bank sold a Rmb5bn ($767m) Panda bond aligned to the United Nations’ Sustainable Development Goals this week. The deal, expected to help mitigate the impact of Covid-19 on the Chinese economy, was priced flat to China Development Bank’s yield curve, and saw solid demand from international investors. Addison Gong reports.

China Everbright Bank switched things up for its $550m deal this week, by opting for a fixed rate note rather than the floating rate bonds it has favoured more recently.

Agricultural Bank of China (ABC) took a three-pronged approach to its deal on Tuesday, raising nearly $1bn across two dollar bonds and one Hong Kong dollar tranche. The bank was able to squeeze the spread on its notes to new lows, riding on the strong secondary market performance of deals from the big Chinese banks.

Six Chinese companies sold Rmb6.4bn ($994m) of ‘carbon neutrality bonds’ this week, supporting Beijing’s goal of net zero carbon dioxide emissions by 2060. The format could lead to a spike in international investor interest in China’s debt market. Addison Gong reports.