Bank of America

Chinese corporates and FIGs contributed to most of the primary supply in Asia DCM on Tuesday, with China Oil and Gas Group, Yida China Holdings and Citic Securities snapping up a combined $1.45bn.

Korea Expressway Corp snapped up $400m on a busy Tuesday that saw eight bonds marketed in Asia ex-Japan. Although floating rate notes are gaining popularity in a rising rate environment, the region’s bond market will continue to be focused on fixed rate deals, reckoned market participants.

BlackRock added one year to a $4bn March 2021 five year facility this week, with over 30 banks piling into syndication.

Wobbles in eurozone government bond secondaries this week failed to deter a strong showing from a pair of public sector issuers in primary on Tuesday. Unédic found strong demand and tightened from guidance on its longest dated benchmark ever, while Austria broke a series of records with a 10 year euro benchmark.

The pace of borrowing has slackened for public sector borrowers as Easter approaches but a few are still out hunting for second quarter funding.

Korea Expressway Corp joined the flurry of bond launches in Asia on Tuesday, marketing a three year floating rate dollar note.

Bank of China launched its multi-currency, multi-tranche transaction on Tuesday morning, as Citic Securities also opened books for two tranches of dollar notes.

Asia’s primary DCM market is busy on Tuesday ahead of the long Easter weekend, with Lianyungang Port Group, China Oil and Gas Group, Yida China Holdings and Golden Wheel Tiandi Holdings Company opening books for their respective dollar bonds.

Unédic and Austria have announced that they will sell euro benchmarks at the long end of the curve on Tuesday.

Dubai retailer Damac Real Estate was out with a five year sukuk on Monday — a deal which featured a Russian bookrunner for the first time on a Gulf deal — as Mubadala marketed a conventional dual tranche dollar bond following its merger with IPIC.

Bank of China, CCB Life Insurance and Citic Securities kicked off investor meetings and calls this week, in pursuit of Reg S deals.

Yida China Holdings, Peking University Founder Group Company, Red Star Macalline Group Corp and HKICIM Group are looking to hit the offshore debt market, mandating banks for their respective Reg S transactions on Monday.