ICBC

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.

Chinese bank ICBC was forced to cancel its dual-tranche bond on Wednesday as a result of market conditions.

Hong Kong IPO hopefuls Babytree Group and Tongcheng-Elong Holdings announced deals drastically smaller than their initial targets this week. But despite the clear sign of trouble in the market, a few more Chinese companies are considering pushing ahead with their own listings before the end of the month. Jonathan Breen reports.

Everbright Sun Hung Kai Co priced a modest $200m bond on Wednesday when most investors were focused on other high profile transactions.

China Citic Bank International gave in to investor demands for a higher yield on its additional tier one notes, compromising on price to secure a $500m trade.

Four mainland technology companies kicked off pre-deal investor education for their Hong Kong IPOs on Monday, gauging the market’s appetite ahead of bookbuilding in early November, according to sources close to the listings.

China and Japan confirm details of currency swaps and plans to invest more in third party markets, the Hong Kong Monetary Authority (HKMA) renews the license of nine authorised institutions as Primary Liquidity Providers (PLPs) for the CNH market in Hong Kong and Singapore sets up new government agency to bridge the funding gap facing Asia’s infrastructure projects.

In this round up, Eastspring Investment Management can now offer onshore investment products to Chinese customers, SWIFT Business Intelligence outlines Australia’s role in renminbi internationalisation, and Industrial Commercial Bank of China (ICBC) gets approval from the European central Bank to set up a subsidiary in Austria.

Two Chinese state-owned enterprises (SOEs), China Petrochemical Corp (Sinopec) and State Power Investment Corp (SPIC), picked a short-lived issuance window to raise a combined $1.07bn on Wednesday.

China Gas Holdings doubled the size of its Panda bond to Rmb2bn ($288m) on Wednesday, thanks to strong demand from investors, according to bankers.

Global equity markets were slammed this week, with a rout on Wednesday wiping out all the gains this year in the US. Amid the turmoil, a handful of technology firms were awaiting approvals to list in Hong Kong — some are expected to take a cautious approach but most are gearing up for a last-minute dash to find a closing IPO window. Jonathan Breen reports.