Asia Pacific

China Water Affairs has returned to the international loan market after two years for a $200m fundraising.

International Container Terminal Services, a Philippine port operator, sold a fixed-for-life perpetual bond on Wednesday, braving the market despite US Treasury volatility shaking investors’ nerves.

Crédit Agricole has moved one of its sustainable banking specialists to Asia, hoping to capitalise on what it expects to be a growing market for green bonds.

Chinese city commercial bank Bank of Shanghai Co priced a rare bond backed by a standby letter of credit (SBLC) on Wednesday, seeing an over five times covered book but leaving a few basis points on the table.

Zhongyuan Yuzi Investment Holding Group Co sold the first offshore bond from a Chinese local government financing vehicle (LGFV) on Wednesday, pricing it 15bp inside analysts’ fair value estimates.

A slew of Chinese issuers are wooing dollar bond investors on Thursday, as Philippine company Petron Corp also competes for buy-side attention.

New Sports Group will double its share capital with two placements that aim to raise a combined HK$1bn ($128m), said the company.

China ZhengTong Auto Services Holdings opened books on Thursday morning for an up to HK$1.6bn ($211m) capital increase.

Westpac has mandated leads for the third sterling five year floating rate covered bond from a bank outside the UK to be issued this year.

Commonwealth Bank of Australia (CBA) was marketing a new senior bond in the euro market on Wednesday, following a fast start for Australian bank bond issuance in 2018.

The Asian Development Bank's minimum NZ$200m ($143.6m) five year Kauri bond has grown to NZ$500m, indicating strong demand in the mid-part of the New Zealand dollar curve.

Dollar investors had plenty of Chinese property bonds to choose from this week, with four issuers competing for their attention on Tuesday. But with no end in sight to the pipeline, companies will have to navigate the market carefully, or cough up a premium for their bonds.