Bank of China

Commodities trader Trafigura has launched a $1.5bn-equivalent dual-currency borrowing into general syndication.

Four issuers, sovereign and sub-sovereign, are drawing closer to their debuts in China’s Panda bond market, as they seek to take advantage of falling yields in the Mainland, sources told GlobalRMB.

Hang Lung Properties raised Rmb1bn ($149.8m) in its Panda bond sale on July 13. Most of the demand for the builder’s debut came from the offshore market, as mainland investors, guided by the government’s policy, kept their hands off real estate names.

Vietnamese conglomerate Vingroup Joint Stock Company has closed an oversubscribed $400m five year loan to support its automobile business.

Hong Kong-based Hang Lung Properties is hitting the Panda bond market for the first time, as it seeks to finance the construction of two shopping malls in the mainland. The issuer says the new buildings will be environmentally friendly, making the Rmb1bn ($150.9m) trade one of the few green Panda deals.

Indonesian power company Perusahaan Listrik Negara is seeking an up to $2bn debut loan, but has surprised some bankers with the tight pricing on offer.

CCB Financial Leasing Corp sold the only dollar bond from Asia ex-Japan this week, raising $400m from a five year floating rate note on Thursday. But bankers and analysts said that the once robust demand for the format is already showing signs of decreasing.

Asia’s G3 bond market has been defined by volatility this year, forcing bankers, investors and issuers alike to think on their feet during the first half of 2018. As banks fight to stay on top of the limited primary market activity, the region’s league tables have been disrupted.

Fresh from a successful Shanghai IPO in May, WuXi AppTec is pushing for a dual-listing in Hong Kong worth a possible $2bn.

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.

Ghana Coco Board (Cocobod) has closed the senior syndication of its $1.3bn one year annual pre-export finance facility, with a bank meeting due to be held on Monday, June 25.

Attractive pricing in the dollar loan market is pushing Indonesian borrowers offshore, despite guidance from the country’s central bank to curb foreign currency debt exposure.