Deutsche Bank

Several Chinese borrowers have hit the loan market for two year money in recent months, in contrast to more established firms from the mainland which are pushing out tenors on their borrowings. While typically banks and borrowers prefer to lock in longer-term loans, for some the nature of the business and the lenders’ unfamiliarity with the company necessitates a shorter life to mitigate risks.

State-owned China Minmetals Corporation on Wednesday rolled out a dollar-denominated perpetual bond, raising $1bn from the deal. The company was able to price at a tight level, especially when its low step-up is taken into account.

Property giant China Vanke Co and HNA Group Co came to the market on Thursday with dollar bonds, taking vastly different approaches. Vanke opted for a tenor of 10 years, but HNA kept it ultra-short.

NGA UK, the provider of human resources software, launched a €300m loan on Wednesday, which it will be hoping appeals to CLO managers that have been eager for new money deals.

After weeks of risk-on behaviour, a cautious mood has gripped Europe’s equity capital markets after several of this season’s biggest IPOs traded badly in the aftermarket.

China Minmetals Corporation, a state-owned enterprise, turned to bond investors on Wednesday with its first dollar perpetual bond, quickly following up a roadshow earlier this week.

South American development bank Corporación Andina de Fomento (CAF) returned to the dollar market this week with a $1bn five year fixed-rate note.

Caisse des Dépôts et Consignations (CDC) returned to the Swiss franc market after a four year absence on Monday, in order to refinance a Sfr250m ($250.2m) 10 year Swiss franc bond expiring in two weeks’ time — but the French agency had to pay over its euro curve for entry.

Corporación Andina de Fomento (CAF) is this week set to bring its second dollar benchmark of the year, the proceeds from which will be used to pay off a $1bn floating rate note maturing next year.

Bankers working on the Frankfurt IPO of HelloFresh, the German meal kit delivery company backed by Rocket Internet, have revised the price range to €10.25 to €11.50, the upper half of the €9 to €11.50 initial range.

China Lodging Group is set to bag about $425m through an offering of equity-linked notes, convertible into its Nasdaq-listed American Depository Shares.

China Minmetals Corporation is sounding out investors for its inaugural perpetual offshore bond. It will meet with fixed income accounts early next week.