China

Electric vehicle manufacturer Nio raised $1.3bn from a dual-tranche convertible bond this week, while trimming its existing debt with a concurrent buyback.

BMW Automotive Finance (China) Co has sold its first auto loan ABS of 2021, locking in longer-dated financing with a 14 month revolver. The deal added to a strong start for the onshore securitization market in the New Year as bond yields fell from their highs at the end of 2020, writes Addison Gong.

BMW Automotive Finance (China) Co has priced the senior tranche of its Rmb8bn ($1.24bn) Bavarian Sky China 2021-1 auto loan ABS, a deal with the longest revolving period seen in recent years in the onshore market.

China Cinda Asset Management gave investors a host of maturities to choose from on Tuesday by selling a $2bn four tranche deal.

Yuexiu Property Co grabbed $750m from a dual-tranche trade on Tuesday that was heavily supported by its syndicate team.

With Asia’s sustainability-linked bond (SLB) market thrown wide open with the first transaction, there is a case to be made for the opportunities offered to both issuers and investors by this nascent asset class.

China Maple Leaf Educational Systems debuted in the equity-linked market on Tuesday with a $125m convertible bond.

State-owned electricity generator China Huaneng Group Co priced a dual-tranche $1bn bond on Tuesday, overcoming complications emerging from rising US Treasury rates and geopolitical concerns.

Lenovo Group and Megvii Technology are planning to sell Chinese depository receipts (CDRs) on the Nasdaq-style Star market in Shanghai.

Chinese video sharing and gaming platform Bilibili is on track to launch its Hong Kong secondary listing within a month. It is aiming to raise around $2.5bn, according to a source close to the deal.

Beijing Enterprises Clean Energy Group has made a quick return to the loan market after five months, seeking a $150m deal in general syndication.

Beijing Capital Group Co, which marketed a two-tranche deal on Monday, decided to ditch the planned perpetual note and instead price a larger senior tranche for cost reasons.