Bank of China

The allocation of Indonesian instant noodle maker Indofood CBP Sukses Makmur’s $2.05bn-equivalent acquisition loan has been finalised, after the lead banks closed the syndication earlier this month.

China Development Bank returned to the offshore renminbi bond (CNH) market after six years with the largest print in the currency for 2020.

The People’s Republic of China returned to the European market on Wednesday, part of its plan to make euro bond outings an annual exercise. The €4bn transaction was a blow-out, with the order book well oversubscribed — and one of the three tranches achieving the sovereign’s first negative yield. Morgan Davis reports.

Dongfeng Nissan Auto Finance Co is set to launch a Rmb4.9bn ($747m) auto loan asset backed securitization next week.

A flurry of Gulf issuers was on track on Tuesday to securing last minute bond funding, as investor appetite appeared insatiable for emerging market debt amid a rally that may well be curtailed by the impending US Thanksgiving holiday.

The People’s Republic of China is planning a comeback to the euro bond market this week, one month after selling its first dollar trade in the US.

Government-backed Chinese issuers Shandong Hi-Speed Group Co, Wuhan Trading Group and a local government financing vehicle from Xi’an ventured to the offshore dollar bond market on Thursday. They raised a combined $880m.

Volkswagen Finance (China) priced a nearly Rmb8bn ($1.2bn) auto loan asset-backed securities deal this week, the eleventh in its Driver China series.

Mercedes-Benz Leasing Co sold its first auto lease asset-backed note in China’s interbank market this week, navigating a number of hurdles to launch the Rmb4bn ($600m) deal.

Shandong Iron & Steel Group Co was forced to pay 50bp more than it expected for a new $500m three year bond on Thursday, despite trying to appeal to investors with a positive spin on its future fundraising plans.

Two Chinese local government financing vehicles (LGFVs) hit speed bumps in the dollar bond market this week amid rising volatility, as investors pushed back on the issuers’ attempts to get away with aggressive pricing. While one of the borrowers sealed its deal despite tepid demand, another was forced to scrap its transaction. Morgan Davis reports.

Gansu Provincial Highway Aviation Tourism Investment Group Co found lacklustre support for its $300m bond on Tuesday after its pricing strategy deterred investors from joining the deal.