Greater China

Huachen Energy Co’s dollar bonds recovered slightly after the Chinese company said it will not default on its $500m notes, despite skipping a coupon payment and failing to repay an onshore loan.

Sands China has closed a $2bn five year borrowing with participation from around 10 banks.

Babytree Group has bagged HK$1.7bn from its IPO after pricing it at the bottom of guidance amid volatility in equity markets.

Online travel agent Tongcheng-Elong Holdings has raised HK$1.41bn ($180m) from its Hong Kong IPO. The leads on the deal had to spend time convincing a number of anchor investors to stay in the transaction given the state of the market.

BMW Automotive Finance will open books for its second auto loan ABS of the year on November 27, another three-trancher worth Rmb4.5bn ($648m).

No bond issuer is safe in this volatile market. Industrial and Commercial Bank of China (ICBC) learned that the hard way when it was forced to pull a dual-tranche floating rate deal last week. Its failure should serve as a warning sign to other borrowers.

Spreads on Chinese property dollar bonds felt the impact of heavy supply on Monday when three companies, Times China Holdings, Greenland Holding Group and China Evergrande Group, brought new issues to the market.

German automaker Mercedes-Benz raised Rmb8bn ($1.15bn) from an auto loan ABS this week, slashing its funding cost just three months after its last foray into the market.

Babytree Group and Tongcheng-Elong Holdings hit the market with their Hong Kong IPOs at an unfortunate time and volatility forced both companies to take a knife to their fundraising targets. But their moves may pay off in the long-term.

Agricultural Development Bank of China (ADBC) has dipped into the euro market for the first time to diversify its investor base, despite having no real need for the currency and having to pay up for the fundraising.

Shanghai Industrial Holdings is talking to relationship lenders for a refinancing of HK$2bn-HK$3bn ($255.4m-$383mm).

Nomura has poached a senior telecommunication, media and technology coverage banker from BNP Paribas.