Banks

Chinese local government financing vehicle (LGFV) Sichuan Transportation Investment Group Corp raised $350m from a three year bond on Wednesday, piercing through the secondary trading levels of its closest comparables.

Taiwan’s Mei Ta Industries and China’s New Hope Group have closed offshore borrowings, raising €245m and $150m, respectively. Ho Chi Minh City Power, meanwhile, has sealed Vietnam’s first onshore syndicated loan at D1.1bn ($47,000).

Chinese bank ICBC was forced to cancel its dual-tranche bond on Wednesday as a result of market conditions.

Hong Kong IPO hopefuls Babytree Group and Tongcheng-Elong Holdings announced deals drastically smaller than their initial targets this week. But despite the clear sign of trouble in the market, a few more Chinese companies are considering pushing ahead with their own listings before the end of the month. Jonathan Breen reports.

State Power Investment Corp’s $500m senior perpetual bond attracted plenty of demand in both the primary and secondary markets, despite coming with a structure that has fallen out of investor favour for much of 2018.

Export-Import Bank of Thailand has raised $300m from its first foray into the offshore bond market, generating $2.5bn of demand — and setting an important benchmark for the country’s issuers. Morgan Davis reports.

Goldman’s new management team is combining a root and branch review of its operations with a move into traditional commercial banking, writes David Rothnie.

Everbright Sun Hung Kai Co priced a modest $200m bond on Wednesday when most investors were focused on other high profile transactions.

A generous initial guidance from KWG Group Holdings for its $400m bond issuance ended up repricing the Chinese single-B rated curve lower on Wednesday.

South American development bank Corporación Andina de Fomento (CAF) is due to price to a first public dollar deal in a year on Thursday, having set price talk on Wednesday.

In an otherwise barren week for block trades, Hansa Medical, the Swedish biotechnology company, raised Skr399.8m of fresh capital to fund product development. The deal also provided an opportunity for Nexttobe AB to sell a portion of its stake in the company.

French toll road operator APRR had been quiet in 2018 by its own standards, but it sold its first corporate bond deal of the year on Wednesday with a €500m long 11 year trade. It paid a low new issue premium for the deal, but lost a number of orders along the way.