Banks

Bank of China took its pivot away from Libor-linked bonds further this week by selling a dollar note tied to the secured overnight financing rate (Sofr) and a sterling-denominated deal that was the first Sonia-linked bond from a Chinese issuer. While BOC’s transaction was important, bankers say the new benchmarks are still slow to take off in Asia. Morgan Davis reports.

Beijing Hyundai Auto Finance Co sealed a Rmb4bn ($619m) revolving auto loan ABS this week, paving the way for its peers to tap China’s domestic market in the coming months.

China Ping An Insurance Overseas (Holdings) found strong support for its $550m 10 year bond, defying initial concerns around volatility in longer tenors.

The rarity value of financial deals from Thailand allowed Kasikornbank to raise $350m from an additional tier one bond at a negative new issue premium on Tuesday.

Canned fruit and vegetables producer Del Monte Philippines has put its IPO on hold due to a jump in volatility and renewed Covid-19 lockdowns in the country.

Credit Suisse has hired Brett Ryman to its investment banking and capital markets (IBCM) team in Australia, according to a memo seen by GlobalCapital Asia.

It has been an earnings season of rebounds. UBS, the first of the European investment banks to report its results for the second quarter of the year, used the word “rebound” three times in its earnings report, which it published on July 23. Since then, BNP Paribas has pointed to an “established rebound” in its results while HSBC has reported a “rebound” in profits in the US and Europe.

Pfandbriefbank Schweizerischer Hypothekarinstitute woke up the Swiss franc market on Tuesday by selling the first bond in almost a fortnight.

UBS was hot on the heels of Credit Suisse with a new issuance in the dollar market this week, as banks spy an opportunity to get funding done in early August.

Hong Kong’s Securities and Futures Commission has hit UBS and its securities unit with a combined HK$11.55m ($1.5m) in fines for regulatory breaches.

Indian agribusiness company Adani Wilmar has filed draft documents with the securities regulator for a Rp45bn ($605.6m) IPO.

An international consortium is seeking a $275m loan to support its acquisition of DuPont Clean Technologies.