HSBC

Chinese search engine company Baidu is tapping the Asian syndicated loan market for the first time, opening a $1bn dual-trancher to lenders. It is offering close to what peers paid on recent loans, despite its more concentrated business model, but there is speculation it could be lining up an acquisition, writes Shruti Chaturvedi.

Indian company Shriram Transport Finance is holding conversations with banks for a rupee denominated offshore syndicated loan — the first of its kind. The talks follow a change in guidelines late last year for overseas debt raising, as the central bank encourages the development of the Masala market.

Ford Auto Finance (China) is poised to launch its first auto ABS transaction of the year with a Rmb2.98bn ($464m) deal scheduled to open books next week.

Yorkshire Building Society pulled in £1bn of orders in no time on Thursday morning, as sterling investors fought over the first long end senior bond in the currency since January.

Appetite for Korea Resources Corp’s offshore outing on Monday was strong despite Moody’s recent decision to review its rating for a downgrade. Not only was the issuer able to increase the bond’s size to $500m but it also found a high quality order book.

Small finance bank (SFB) Equitas Holdings made a splash in India this week, pricing the country’s largest, and one of the most popular, IPOs of the year at the top of guidance. The Rp22.5bn ($337.4m) listing is the first from an SFB in the country and its success came despite foreign investors playing no role in the transaction.

Beijing-based Sunshine Life Insurance Corp found a strong following for its $1.5bn triple-tranche bond on Wednesday, despite its debutant status in the international debt market.

Black Sea Trade and Development Bank (BSTDB) is meeting investors for what would be its first syndicated dollar benchmark trade.

Bank of China Aviation is poised to meet investors ahead of its 144A return that could hit the market as early as next week, while HK Electric has mandated banks for Reg S notes.

US Circuit judge Christopher Droney removed the final obstacle in Argentina’s path to markets on Wednesday, provoking a rally in the government’s that could scarcely have been better timed.

South Korea’s Kia Motors Corp has started taking orders for a 144A/Reg S deal, which is split between a five year and a 10 year tranche.

L-Bank and the African Development Bank are set to be the latest issuers this week to take advantage of rising short end dollar swap spreads, mandating for deals on Wednesday after Finland printed a short dated deal of its own.