China Minsheng Banking Corp

Hong Kong’s FWD Group and AMTD Group Company have started taking orders for their respective unrated perpetual bonds. The former is seeking a zero coupon subordinated deal, while the latter is marketing a senior transaction — its second international offering.

China Minsheng Banking Corp’s Hong Kong branch sealed a $500m three year fixed rate bond on Thursday — the only FIG issuer in Asia DCM on the day. Market participants reckon the spread was too tight when compared to the secondary levels of China’s big four banks.

China Southern Power Grid Co, China Minsheng Banking Corp and Hong Kong-listed SOCAM Development started taking bids for their respective dollars bonds on Thursday at the Asia open.

Beijing this week picked five commercial banks as the second batch of a pilot programme that allows the issuance of asset-backed securities using their non-performing loans (NPLs).

CMB Financial Leasing launched a $350m bullet into general syndication last week, even as Minsheng Financial Leasing wrapped up an increased fundraising of $335m.

Minsheng Financial Leasing has closed its latest syndication on a high note, with the loan increased to $335m as banks gobbled up the deal.

Fujian Yango Group sealed its inaugural international bond on Tuesday, snapping up $300m from a guaranteed bond. A quiet debt market in Asia worked in the issuer’s favour, but it still had to pay a premium for its unrated status.

The strength of the primary debt market in Asia shows no signs of abating, with a number of borrowers heading out on Thursday for fresh dollar fundraisings.

Minsheng Financial Leasing has returned to the debt market for a $200m offshore loan that is led by three mandated lead arrangers and bookrunners.

SEA Holdings, Guangzhou R&F Properties and a Changchun local government financing vehicle took advantage of the abundant liquidity in the bond market by locking in funds on Thursday.

Four local government financing vehicles (LGFVs) ventured into the debt market last Friday, raising a combined $615m. The high yield issuers flocked out to take advantage of regulatory approvals that will expire at the end of the year.

Local government financing vehicles from China brought out a parade of deals on Friday, with issuers including those from Jiangsu and Shanxi fighting for investors' attention in the Asia ex-Japan debt capital markets.