ICBC

Germany's Covestro and the UK's 3i have both signed new revolving credit facilities with terms that were agreed before the Covid-19 pandemic sent markets plunging, but lenders said that new deals will have far higher margins.

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 Gas Holdings, a Hong Kong-listed natural gas distributor, doubled the size of its onshore renminbi deal to Rmb1bn on Monday, selling just the second Panda bond linked to combatting woes caused by Covid-19.

Volkswagen Finance (China), wholly owned by Volkswagen Financial Services AG, will come to the onshore securitization market for a Rmb5.97bn ($860m) transaction on March 12.

Sinic Holdings (Group) Co and JY Grandmark Holdings made their debuts in the dollar bond market on Wednesday. Both issuers opted to use a 364-day tenor to get the deals done.

Dubai Islamic Bank, which began roadshows over a week ago for a senior unsecured sukuk, has postponed the deal as a result of the Covid-19 virus, according to bankers near the deal. The spread of the virus has caused sharp swings in global markets, causing havoc in primary markets.

Bank of China took Covid-19-linked bonds offshore on Thursday with a dual currency two year transaction, which was offered through its Macau branch.

Yield-hungry investors pumped in more than $4bn into China Minmetals Corp’s $1bn perpetual bond on Tuesday. The issuer started at a generous pricing level to attract buyers in a volatile market.

Four Chinese property companies raised $2bn between them from dollar bonds on Monday, coming at a particularly turbulent day for markets globally as fears rise around the rapid spread of Covid-19 outside of the Mainland.

Three Chinese issuers visited the dollar bond market on Thursday, raising $1.2bn between them.

BMW Automotive Finance’s Rmb8bn ($1.14bn) dual-tranche return to the Chinese auto ABS market this week was a success. The tight pricing is expected to allow other issuers to also lower their coupons, said bankers on the deal.

Dubai Islamic Bank is embarking on a roadshow having mandated nine banks for a long five year or seven year dollar benchmark sukuk.