ICBC

Wednesday proved yet another robust day for Asian bonds, with rubber company Halcyon Agri Corporation, Industrial and Commercial Bank of China’ Singapore branch and Chinese developer Times Property Holdings out for funds in the primary market.

State Grid Corporation of China, China Huarong Asset Management Co and State Development & Investment Corporation have mandated banks for new bonds, with the latter making its debut in the international market.

A glimpse of the future has arrived with the publication of a report modelling the credit risk banks face from drought. The effect on loan portfolios could be severe — and the research illustrates the new kinds of risk management banks will have to do as the world’s climate becomes more volatile.

Aluminum Corp of China, Peking University Founder Group, Beijing Enterprises Holdings and Singapore’s Oxley Holdings all walked away with new bonds on Wednesday, wrapping up a blockbuster issuance week ahead of Easter.

CMB Financial Leasing is in the market for a $350m bullet that launched via three leads on Thursday, according to a banker arranging the deal.

China’s auto ABS market is heating up after a third deal was announced within a week. Mercedes-Benz Auto Finance’s Silver Arrow China 2017-1 is the latest, featuring two hard credit enhancements and a liquidity support of a general reserve amount.

CT Corp company Trans Retail Indonesia has allocated its $575m borrowing among a group of 36 lenders.

Rating: BBB Fitch

Ford Automotive Finance (China) is readying its Rmb3bn ($435m) auto ABS transaction, its first this year and its sixth on the Mainland. But investors hoping for some new features will be disappointed, as the new transaction shares similar features with its last two outings in 2016.

China Petrochemical Corp has bagged the largest G3 bond from a corporate in Asia so far this year, wrapping up a $3.4bn four-tranche transaction on Wednesday, taking advantage of a favourable market window.

China Petrochemical Corp was out for a 144A/Reg S transaction on Wednesday, eyeing multiple maturities, while high yield issuer Jingrui Holdings has returned to dollars after a two year hiatus.

ICBC Financial Leasing Co brought home $2bn from its latest dual tranche deal on Wednesday, hitting its regulatory cap and meeting its pricing goals.