Bank of Communications

Hong Kong-listed United Laboratories International Holdings has increased its borrowing to HK$1.8bn ($230m) after attracting six participants during syndication.

Six Chinese real estate issuers — mostly high yield — flooded the dollar bond market on Monday with one to four year tenor deals. Investment grade rated China Vanke Co, on the other hand, tapped the longer end of the curve with a dual-tranche issuance.

The People’s Republic of China has caused a stir among DCM bankers in Asia and Europe with plans to return to the euro bond market for the first time since 2004. While expectations on opposite sides of the world are starkly different, what is clear is that the sovereign’s deal will be less about the pricing itself and more about making a statement. Addison Gong and Burhan Khadbai report.

Agricultural Development Bank of China, one of three Chinese policy banks, bagged Rmb5.5bn ($781m) from a popular dual-tranche offshore renminbi bond on Wednesday, adding some life to the moribund dim sum market. Rebecca Feng reports.

Chinese residential and commercial real estate developer Sinic Holdings has kicked off a roadshow for a HK$2.25bn ($287m) listing.

Shanghai Kindly Medical Instruments Co has hit the road for a Hong Kong IPO, targeting proceeds of up to HK$832m ($106m).

Chinese state-owned commodity chemicals producer Shanghai Huayi (Group) Co has sold an almost 10 times covered five year bond, while Yuzhou Properties Co raised $500m to fund a tender offer. Two local government financing vehicles also made their offshore debuts.

Bank of China broke new ground for Asia this week with the region’s first floating rate bond linked to the secured overnight financing rate (Sofr). But a host of challenges around payment calculations and liquidity mean other issuers will be slower to embrace this new benchmark. Addison Gong reports.

The Export-Import Bank of China (Chexim) came to the bond market in two currencies on Tuesday to raise $1.068bn, pricing the euro tranche at an impressive zero coupon.

Chinese real estate firm Zensun Group and local government financing vehicle (LGFV) Guangxi Liuzhou Dongcheng Investment Development Group Co have sold their first dollar bonds, but had to manage their expectations on a busy day for issuance.

China Orient Asset Management Co (Orient AMC) priced an almost 10 times covered dual-tranche bond with strong backing from its lead manager consortium. The borrower went out without a keepwell deed from the onshore entity, but investors were undeterred by the structure.

Agricultural Bank of China’s Singapore branch has sold the tightest three year floating rate note (FRN) from a big four Chinese bank, adding $500m to its coffers.