Bank of China

Yiwu State-owned Capital Operation Co raised $400m from a bond on Tuesday, showing that there is still interest in deals from Chinese local government financial vehicles (LGFVs) amid the outbreak of the novel coronavirus.

Right Lane, a wholly-owned subsidiary of Chinese conglomerate Legend Holdings, has returned to the market for a $350m loan.

Volkswagen Financial Services and United Utilities Water hit the sterling bond market this week to print £650m of debt. Issuers are finding a warm reception in the currency, despite the UK having left the European Union last Friday.

Sixteen banks led Baa2/BBB rated Huatai Securities Co's $400m floating rate transaction on Wednesday.

United Utilities Water hit screens with a £250m no-grow 18 year bond on Monday, with sterling issuers finding a warm market despite the UK having officially left the EU last week.

German supermarket chain Lidl has raised a £515m-equivalent loan from a consortium of Chinese and Taiwanese lenders for two of its European subsidiaries, in the company’s first outing in Asian capital markets.

Sun Hung Kai Properties took advantage of a favourable market backdrop and solid aftermarket performance of its latest dollar bond to return with a tap just four days after the original transaction was priced.

China’s Bank of Communications came out with a $1.95bn-equivalent three-tranche deal on Thursday. It opted for a bigger dollar portion and a slimmer offshore renminbi (CNH) bond, compared with its last outing.

The overwhelming supply of international bonds from Asia continued on Tuesday, as issuers dashed to raise dollars, and in one case, sterling. But not every borrower was able to cross the finish line.

New World China Land, the mainland China property business arm of Hong Kong’s New World Development Co, has returned to the offshore loan market after five years for a HK$5bn ($643m) borrowing.

Seven borrowers from Greater China raised about $2bn from new dollar bonds on Monday, while Hong Kong's Cathay Pacific tapped the Singapore dollar market.

Gradually over the past decade, Asian investors have become more and more important to European corporate private debt markets, to the point where they are now often indispensable. Asian borrowers have been slower to appear, but are now arriving. However, while these arrivals have largely benefited these markets, they have introduced a few complications.