Bank of China

As the Chinese offshore bond pipeline continues to build, it is inevitable that issuers will increasingly use anchor order support to get their deals past the finish line. But the reliability of this approach was thrown into question this week, writes Addison Gong.

Shandong Iron & Steel Group, Excellence Commercial Properties and Sunshine 100 China Holdings completed their offshore fundraising exercises on Wednesday after announcing their deals with final price guidance.

German carmaker and Panda regular Daimler issued a Rmb4bn ($576m) two tranche private placement this week, ending its Panda issuance for 2018. The issuer kept its focus on a shorter-dated tranche, which made up the bulk of the offer.

BMW Automotive Finance returned to China's ABS market this week, raising Rmb4.5bn ($575m) from its second deal of the year. But the auto lender tweaked the structure this time, adding a revolving portion.

Bank of China’s Singapore arm is marketing a loan for Ethoz Group, in what appears to be the first time the lender will lead an onshore syndicated financing in Singapore dollars.

Mercuria Energy Group bagged a bigger-than-expected $1.35bn from its latest annual revolver in Asia, after 36 banks joined the deal.

Two Chinese local government financing vehicles (LGFVs) had contrasting responses to their dollar bonds on Monday. While a borrower from Tianjin pulled off its deal with enough anchor support, a Gansu province issuer faced some hiccups around pricing.

Australian coal producer Yancoal has begun bookbuilding for its HK$1.54bn ($196.88m) dual listing on the Hong Kong stock exchange, offering its stock at a considerable premium to its domestically traded shares.

Bank of China sold green bonds denominated in yen and offshore renminbi (CNH) last week, ending its long absence in the Japanese market.

A number of sub-investment grade rated property developers and local government financing vehicles (LGFVs) used private-style executions for their public transactions this week — an increasingly popular approach among Chinese bond issuers.

Sands China has closed a $2bn five year borrowing with participation from around 10 banks.

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).