Bank of China

The New Development Bank sold a Rmb5bn ($767m) Panda bond aligned to the United Nations’ Sustainable Development Goals this week. The deal, expected to help mitigate the impact of Covid-19 on the Chinese economy, was priced flat to China Development Bank’s yield curve, and saw solid demand from international investors. Addison Gong reports.

Avic International Leasing Co landed a $500m bond well inside of fair value on Wednesday, thanks to strong support from its syndicate banks.

Trafigura, one of the world’s largest commodity traders, has completed its European bank facility refinancing to add sustainability-linked targets to its debt, a month after the company made its debut in the Schuldshein market.

Zhejiang Geely Holding Group Co used a standby letter of credit from Bank of China's Singapore branch to price its $400m bond inside fair value.

Crédit Agricole has sealed its third senior preferred Panda bond in the China market on a particularly challenging day that caused eight domestic deals to be postponed, amid lingering default concerns and rising government bond yields. Addison Gong reports.

Five banks are set to bring nearly Rmb60bn ($9.23bn) of subordinated bond supply to China’s domestic market this week, making it the busiest week for onshore bank capital deals so far this year.

High grade corporate bond investors were given the choice between a green trade from Finnish paper company UPM-Kymmene Corp and a conventional trade from UK cigarette maker Imperial Brands on Monday, with some investors passing up on the cigarette company on ESG grounds.

Shaanxi Financial Asset Management Co sold its first dollar bond on Thursday to raise $200m, but the difficult market backdrop meant even the new issue premium of 10bp-15bp was not enough to entice many investors.

The Asian Development Bank broke a decade-long absence from China’s domestic market to price a Rmb2bn ($307m) Panda bond at a record low spread this week. Its assistant treasurer told GlobalCapital that the multilateral development bank is open to selling longer dated and green renminbi-denominated deals. Addison Gong reports.

Shaoxing Shangyu State-owned Capital Investment and Operation Co priced a $500m international bond on Tuesday, in a trade that ended up resembling a club deal after investors dropped out due to aggressive price tightening.

The Asian Development Bank made a rare outing in China’s interbank market this week. The Rmb2bn ($307m) bond, priced significantly below the onshore benchmark, ended the multilateral development bank’s absence from the domestic Chinese market for over a decade.

The Asian Development Bank is marketing a five year renminbi-denominated bond, as it looks to raise Rmb2bn ($307m) from its first outing in the onshore China market in over a decade.