Banks

Chinese company Sany Heavy Industry Co has returned to the offshore loan market after a nine-year absence for $600m.

China Everbright Bank priced its $600m bond through fair value this week, buoyed by strong demand from the syndicate team helming the deal.

BMW Automotive Finance (China) sold a Rmb8bn ($1.25bn) auto loan ABS on Tuesday, its second outing this year. It slashed the revolving period to one month versus 14 in the last deal.

Hong Kong developer Pacific Century Premium Developments (PCPD) printed a $700m deal on Tuesday as part of its efforts to tender a 2022 bond.

China Logistics Property Holdings Co built up strong demand for its HK$778.8m ($100.4m) placement on Tuesday evening, but its stock came under selling pressure the following day.

Pharmaron Beijing Co brought the first renminbi-linked but dollar settled convertible bond to the market in nearly five years this week, raising $600m from the dual tranche deal. Bankers called it a ‘smashing success’ and said the issue pipeline from the pharmaceutical sector is strengthening. Rashmi Kumar reports.

Santander Chile sold its first public international bond in over a year on Tuesday, turning to the Swiss franc market and pricing well inside its domestic curve as the local market loses its lustre.

MUFG has promoted a 30-year veteran banker to lead its China corporate banking franchise in the Mainland.

Enel, a long term sustainable finance champion, took €10.4bn of orders for its triple tranche sustainability-linked notes this week, but needed to pay up for longer maturities as inflation worries persisted.

Bank of Montreal is seeking investor consent to switch from referencing Libor to Sonia on its sterling covered bond, following similar moves from other borrowers. Different calculation methods are emerging for the transition.

The African Development Bank sold its first kangaroo bond in social format on Tuesday as supply of ESG-labelled bonds in niche currencies by public sector borrowers gathers pace.

FMO, the Dutch development agency, hit the market on Tuesday for a $500m five year bond.