Banks

Hengan International has sold a second Panda bond linked to combatting the Covid-19 pandemic, with 10% of the deal proceeds earmarked for buying raw materials used to produce face masks.

A vicious move in swap spreads left investors in IFC’s $1bn social bond with one of the lowest SSA spreads to US Treasuries ever on Wednesday, and a subsequent reversal has left investors wincing. Some questioned the strategy and timing of the trade, but most simply thought that investors were the victim of circumstance.

This week, it was the best of times, it was the worst of times – and despite volatility caused by the spread of the Covid-19, a trickle of MTN issuance has managed to slip through into the market.

Markets expressed disappointment following the European Central Bank’s monetary policy meeting this week, but some analysts said that the changes made to the terms of its bank funding schemes represented a real war chest to support lending.

Premier Oil’s stock surged by more than 65% on Friday after the company gave an update on its cash position following this week’s equity market slump, a positive for the banks working on its rights issue. However, the deal also hinges on a court case in Scotland.

Singapore hard disk drive company MMI International is looking to amend and extend an old loan ahead of a looming maturity, as it faces pressure on its financials.

Deutsche Bank has hired Alexandra Yang from Nomura to lead its China sponsor coverage team.

Property developer New World China Land has closed a HK$6.85bn ($880m) loan, attracting nine participants during syndication.

A handful of Indian listings that had been expected by the end of March have been pushed back after a traumatic week for domestic and global markets.

Beijing Hyundai and Volkswagen took advantage of the flush liquidity in China’s ABS market to print tight deals on Thursday, adding to the flurry of onshore auto loan ABS issuance this week.

China Construction Bank Corp has raised Rmb1bn from an offshore renminbi (CNH) bond that was sold through its Astana arm. The branch only started operating six months ago, after it was set up to strengthen ties between China and Kazakhstan, a country part of the Belt and Road Initiative.

ESR Cayman, a Hong Kong-listed logistics real estate company, is tapping the offshore loan market for a debut $250m borrowing through Standard Chartered.