Banks

Zhongsheng Group Holdings has pulled off a HK$4.56bn ($588.3m) convertible bond and repurchase of an outstanding CB, increasing the deal size on the back of demand from existing bondholders.

GAC-Sofinco Auto Finance priced a Rmb4bn ($564m) four-tranche auto loan ABS offering on Tuesday. The senior class A1 and A2 tranches were both sealed at coupons below 2%, setting a new record for Chinese auto ABS issuers.

Hong Kong property company New World Development Co, which has taken hits to its business due to both the social unrest in the special administrative region and the Covid-19 outbreak, has raised $600m from the bond market with a 20bp new issue premium.

Dada Nexus, an operator of Chinese on-demand retail and delivery platforms, has set the ball rolling for a Nasdaq IPO.

JP Morgan has hired Jonas Troeber as its new head of equity syndicate for Australia and New Zealand, according to an internal memo seen by GlobalCapital Asia.

Santander has hired António Simões from HSBC as its regional head of Europe.

Europe’s high grade corporate bond market pumped out deals on Tuesday, with some defensive issuers managing to print inside fair value while some of the day’s more esoteric picks had to pay up even for short maturity debt.

Public sector borrowers found plenty of demand as they hit the market with dollar deals across the curve on Tuesday. With robust demand and a favourable basis swap for euro funders, more issuers have lined up deals in the currency to follow.

Iccrea Banca said on Tuesday that it had obtained the necessary regulatory approval to call two of its outstanding subordinated bonds, amid debate about the economic merits of leaving capital instruments outstanding.

Zhongsheng Group Holdings is issuing a HK$3.88bn ($500m) zero-coupon convertible bond to fund the repurchase of an outstanding CB.

Euro area banks have increased their reliance on preferred senior funding during the coronavirus crisis, fuelling speculation that some lenders may be expecting a softening of their minimum requirements for own funds and eligible liabilities (MREL).

Saudi Aramco has closed a $10bn loan, according to bankers near the deal. The loan — the largest signed in the Middle East so far this year — comes amid a drop in oil prices, which has sent borrowers in the Gulf hunting for financing.