China Minsheng Banking Corp

Chinese property issuers led the reopening of Asia’s offshore bond market following a week-long holiday in the Mainland to celebrate the Lunar New Year. Investors responded to the new deals with enthusiasm.

Fosun International, China Grand Automotive Services and China Molybdenum Co rushed out to the offshore bond market on Monday, helping kick-start a rush of issuance before Chinese New Year.

Red chip China Power International and Singapore’s Global Logistics Properties (GLP) were the first to tap the Panda market after the People’s Bank of China finally delivered the rules for issuers in the asset class.

Red chip company China Power successfully raised Rmb2bn ($288m) this week, the second Panda deal in the energy sector this year.

Minsheng Financial Leasing has boosted its three year borrowing to $510m after attracting 12 participants during syndication.

Fortune Fountain Capital, a financial services firm, has hired loans banker Hei Man Leung from China Minsheng Banking Corp.

China Industrial Securities International Financial Group, a subsidiary of Industrial Securities, has launched a debut loan of up to HK$4bn ($510m).

China Huarong Asset Management Co focused on getting a sensible price rather than a large size with its Tuesday bond issue, raising $1.1bn from three tranches. The deal followed a probe of its former chairman earlier this year, as well as a general widening of bonds from the sector.

ICBC International Holdings' Thursday outing drew attention in both the primary and secondary markets. Its $700m floating rate note transaction captured a $5bn-plus book at its peak, with the bond then trading 8bp-10bp tighter in the aftermarket.

China Aoyuan Property Group raised a larger than planned $225m from a tap of its existing note on Monday, but had to pay up for the transaction. A Chinese local government financing vehicle (LGFV), on the other hand, fell short of its size expectation.

State-owned China Power International Development (CPID) is heading to the onshore bond market for Rmb2bn ($312.4m) of funding. The Hong Kong-incorporated borrower wants to attempt its first Panda since 2016, but it needs regulatory approval first.

China Great Wall Asset Management Corp snapped up $600m from a five year bond on Thursday, a modest size compared to its last offshore outing.