CITIC Group

Citic Pacific, the property arm of Chinese conglomerate Citic, has returned to the loan market after three years for a $200m borrowing.

Chinese issuers are starting to look beyond US dollars for new fundraising opportunities, with attractive cross-currency swap rates — and the potential for diversification — making Singapore dollars and euro issuance the flavour of the month. Morgan Davis reports.

Citic Envirotech turned to the Singapore dollar market for a perpetual non-call three year bond this week, revising pricing 40bp from initial guidance. The company was helped by its deep roots in Singapore and its ownership by China’s Citic Group.

China Hongqiao Group, which has been accused of alleged fraud and suspended from trading for almost five months, has struck a $1bn equity financing agreement with Citic Group Corp.

China Citic Bank International issued its first Panda bond this week, pricing a Rmb3bn ($437m) three year. The proceeds will remain onshore, but it is understood the deal will help meet the borrower’s funding needs for both the mainland and Hong Kong.

Citic snatched $1.25bn from an aggressively priced dual-tranche transaction on Tuesday, its second bond outing since a restructuring that saw it gain investment grade status.

Citic and Xinyuan Real Estate are out with their respective bonds on a busy Tuesday in the dollar debt market, as China Jinmao Holdings Group also announces a tender plus new issue as part of its liability management.

Chinese conglomerate Citic is pursuing a dual-tranche dollar transaction with five and 10 year tenors, mandating banks on Monday.

M&A in Asia has started on a strong note this year, with the first big financing — for McDonald’s China’s $2.08bn acquisition by Citic and Carlyle — under way. While details of the syndicated loan are limited at this stage, the transaction has already gathered plenty of attention from bankers, writes Shruti Chaturvedi.

Citic Resources Holdings signed a $310m three year self-arranged term loan on Thursday, with five banks joining the trade.

Citic Group has become the first Chinese issuer to tap the Japanese yen market in 16 years, opening the door for borrowers from the mainland to access liquidity in the Samurai market.

Gold One Group, which produces low-cost gold in South Africa and is part of the Citic Group, is laying the groundwork for a Hong Kong listing with a preliminary filing.