Bank of China

State-owned hydropower company China Three Gorges Corp made a rare visit to the dollar bond market, extending its maturity profile to 30 years.

Bank of China broke new ground for Asia this week with the region’s first floating rate bond linked to the secured overnight financing rate (Sofr). But a host of challenges around payment calculations and liquidity mean other issuers will be slower to embrace this new benchmark. Addison Gong reports.

The Export-Import Bank of China (Chexim) came to the bond market in two currencies on Tuesday to raise $1.068bn, pricing the euro tranche at an impressive zero coupon.

Philippine conglomerate San Miguel Corp is inviting banks to join a $1.75bn term loan that will be used to take out a bridge facility that supported its acquisition of Holcim Philippines.

One of China’s largest oil companies, Cnooc came to the market with a $1.5bn dual-tranche deal, giving investors a chance to buy into a single-A rated state-owned name.

Commodities company Mercuria has returned for its annual outing to the syndicated loan market, and is seeking $1bn from a four-tranche borrowing.

Chinese companies came to the international bond market in force on Tuesday, just days ahead of a week-long holiday in the Mainland to celebrate National Day.

Shandong Iron & Steel Group Co has made its annual return to the bond market, grabbing $500m thanks to support from foreign fund managers.

A legion of lenders has joined London Stock Exchange Group’s $13.5bn bridge loan for its acquisition of data company Refinitiv, as the London exchange fights off a hostile bid from Hong Kong Exchanges and Clearing that could scupper the acquisition.

China Orient Asset Management Co (Orient AMC) priced an almost 10 times covered dual-tranche bond with strong backing from its lead manager consortium. The borrower went out without a keepwell deed from the onshore entity, but investors were undeterred by the structure.

Herald International Financial Leasing, a subsidiary of BMW, bagged its second Rmb2.5bn ($353m) auto lease asset-backed note on Tuesday, pricing the dual-tranche deal at the tighter end of the price guidance range.

Agricultural Bank of China’s Singapore branch has sold the tightest three year floating rate note (FRN) from a big four Chinese bank, adding $500m to its coffers.