Northeast Asia

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China Railway Construction Corp (CRCC) sold two tranches of five year bonds, one in dollars and the other in euros, to net more than $663m.

A pair of large block trades this week showed the depth of Hong Kong’s equity capital market, with more than $3bn raised by conglomerate China Evergrande Group and European food products company Danone. Jonathan Breen reports.

Guandong Haid Group Co and Shenzhen Yuto Packaging Technology Co are both making their debuts in the loan market.

SAIC-GMAC Automotive Finance Co priced a Rmb10bn ($1.56bn) auto loan ABS transaction this week, its third outing in China in 2021, switching to a simple structure comprising a senior and a subordinated tranche.

Volkswagen Finance (China) Co came to the onshore auto ABS market for the first time in 2021 with a Rmb5.97bn ($929m) transaction this week, slashing the revolving period to three months to achieve a competitive pricing.

The rapid pace of new dollar bond issuance from Chinese property companies continued from Monday into Tuesday as four more borrowers joined the fray.

One of China’s big four banks, Agricultural Bank of China, and securities house Haitong International Securities Group joined the flurry of Chinese bond deals in the offshore market this week.

SF Real Estate Investment Trust has raised HK$2.59bn ($333.4m) through a rare trust IPO in Hong Kong.

Chinese conglomerate Fosun International has sold its second dollar bond of 2021, raising $500m once again.

Chinese financial institutions are leading a revival in Asia’s loan market as they take advantage of a shift in market dynamics to tackle their refinancing needs. Borrowers from other industries are also likely to join the action before long — if only to get ahead of a possible US interest rate hike after a rise in inflation, writes Pan Yue.

China Water Affairs Group has made a rare outing in the debt market for a $200m green bond.