China Construction Bank

Bank of Zhengzhou Co priced its first offshore additional tier one (AT1) bond this week. But although the pricing of the deal appeared to make sense, the transaction drew attention for a number of last-minute changes in the syndicate group, including at the global co-ordinator level.

China Construction Bank has appointed respected senior banker Tian Guoli as chairman and executive director, effective Monday, the lender has said in a Hong Kong stock exchange filing.

Bank of Zhengzhou Co started taking bids for its first offshore additional tier one (AT1) bond on Tuesday, after picking five Chinese banks as global co-ordinators. Only two foreign names made it onto the bookrunner list despite taking the lead in almost all previous Chinese AT1s.

Hang Lung Properties is preparing its first Panda bond, aiming to raise Rmb2bn ($302.7m) from a three year note on the interbank market.

Bank of China Hong Kong has sold its second Panda bond, raising a staggering Rmb9bn ($1.37bn) from a one year note. The transaction was the largest Panda sold in the interbank bond market, and caught the attention of foreign investors, which made 50% of all bids.

Ample demand allowed Bank of Qingdao to price its inaugural additional tier one dollar bond tightly on Tuesday. The deal stood out because of the bigger participation from non-Chinese investors — something that bodes well for the hefty AT1 pipeline.

Hong Kong-listed Universal Medical Financial & Technical Advisory Services has set its sights on the offshore syndicated loan market for a $300m dual-currency maiden borrowing.

Bank of Qingdao is whetting investors’ appetite with a dollar-denominated Basel III additional tier one bond, only the second from a Chinese city commercial bank, and coming ahead of an expected flood of supply from the country.

China Modern Dairy, which prepaid an old syndicated loan early last year, is back for a $300m three year offshore borrowing.

Chailease International Finance Corp has sealed a $250m term loan after obtaining more funds than initially planned, in its second outing to the market this year.

Red chip property developer Joy City has hit the Panda bond market for the first time, raising Rmb1bn ($153.1m) from a three year bond on September 5. Although the deal was small in size, it caught the attention of some Bond Connect investors thanks to the issuer’s reputation.

China Great Wall Asset Management Co has mandated a whopping 20 banks for its next dollar bond, and is planning to meet Hong Kong investors on Tuesday.