DBS

Volkswagen Financial Services, the financing arm of the German car maker, blew the cobwebs off the high grade corporate bond market on Thursday, as Becton, Dickinson and Co lines up a quadruple tranche trade for next week.

Bank of China took its pivot away from Libor-linked bonds further this week by selling a dollar note tied to the secured overnight financing rate (Sofr) and a sterling-denominated deal that was the first Sonia-linked bond from a Chinese issuer. While BOC’s transaction was important, bankers say the new benchmarks are still slow to take off in Asia. Morgan Davis reports.

Canned fruit and vegetables producer Del Monte Philippines has put its IPO on hold due to a jump in volatility and renewed Covid-19 lockdowns in the country.

Indian power finance company REC, formerly known as Rural Electrification Corp, has mandated five banks for a $600m loan.

Louis Dreyfus Co Asia has become the latest commodities company to tap the debt market, seeking a $450m sustainability-linked loan that is being widely syndicated.

Avic International Leasing Co turned to the euro market on Tuesday for a sub-one year bond, but the deal’s short tenor and a rough issuance backdrop led to tepid investor response.

Adani Ports and Special Economic Zone locked up a $750m dual-tranche bond on Monday. But the deal was not easy for the Indian borrower, as negative headlines at home and a volatile Asian market kept many investors away. Morgan Davis reports.

China Lesso Group’s $550m-equivalent dual-currency loan is in the market, with an open invitation for banks to join at three levels.

India’s largest ever leveraged buyout loan, tied to Blackstone’s stake purchase in IT services company Mphasis, is in the market, after inviting a wide group of banks to participate in general syndication.

Shandong Iron and Steel Group Co raked in $500m this week, as investors welcomed the long-term prospects of the Chinese company.

Borrowers from Greater China rolled out five new bonds on Wednesday to raise more than $2bn between them.

Aluminum Corp of China (Chalco) sealed a $1bn bond this week, pricing both tranches of the deal inside some fair value estimates.