Bank of China

Ghana Cocoa Board (Cocobod) has announced the winning banking consortium for its annual trade finance facility, with Chinese banks making up two of the five top slots amid increased funding from the Asian country.

UK property development company British Land has amended and extended its £735m unsecured revolving credit facility, reducing the size of its bank debt while pushing the maturity towards a quiet year on the company’s debt repayment schedule.

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.

A rare floating rate note from Peking University Founder Group on Monday stood out in a busy market, raising the question of whether the format can become popular among corporations.

Bank of China’s aircraft leasing arm BOC Aviation sold a rare seven year dollar-denominated floating rate note (FRN) on Monday to an overwhelming response. The deal has opened the door to other financial institutions in the region looking to extend their funding profiles in the format.

Peking University Founder Group, Industrial and Commercial Bank of China and BOC Aviation came out with floating rate deals on Monday as the format continues to find favour among investors.

Chinese telecommunication company ZTE, which is asking for a covenant waiver on a $450m loan, is set to get some relief after US president Donald Trump said he would work with China to get the company back to business soon.

ZTE Corp’s travails have taken a toll on the Chinese telecommunications firm and its bank lenders, with the company seeking a waiver after a covenant breach on a $450m loan. Despite the Chinese government throwing its weight behind ZTE, smaller lenders in the syndicate are worried about the ramifications, writes Pan Yue.

ICBC Financial Leasing broke the silence in Asia’s offshore bond market on Tuesday, returning with a popular $1.5bn dual-tranche floating rate transaction that served as a reminder of just how enthusiastic investors can get when there is the opportunity to hedge away interest risk.

Kangde Xin Composite Material Group has made its debut in the offshore loan market, launching a $200m three year deal into syndication.

Chinese telecommunications firm ZTE Corp, which has failed to comply with a covenant on a $450m syndicated loan due in July, has requested lenders to waive the breach, according to bankers close to the situation.

Bank of China (BoC) plans to play to its strengths by deploying its balance sheet and providing liquidity to parched investors. With syndicate and trading operations in place, it has hired Tim Skeet as head of Western European origination.