Bank of China

Bank of China (Hong Kong) has raised $3bn from a Basel III compliant additional tier one transaction, drawing attention for both its size and price.

China Southern Power Grid Co (CSG) made its second foray into the debt market on Tuesday, wooing investors to its $1bn issuance with a juicy price.

Chinese state-owned enterprises (SOEs) Poly Real Estate Group Co and China Minmetals Corp took different approaches to pricing their dollar bonds on Monday, resulting in diverging secondary market performances.

Issuers and debt bankers in Asia have their eyes fixed on the coming week for primary deal flow to gather momentum, following a relatively slow pace of issuance at the start of September.

Two Chinese bond issuers found opposite responses to their green outings on Tuesday. While China General Nuclear Power Corp opted for a euro-denominated deal to target green dedicated funds in Europe, Beijing Capital Group found less traction with sustainability-focused investors for its dollar trade.

China General Nuclear Power Corporation sold its second green bond in the euro market on Tuesday, nine months after its first success in the format. Last time the company sold green alongside five and 10 year conventional dollar bonds and this time it used a similar combination, replacing the 10 year dollar option with 30 year notes.

Overwhelming support for Aluminum Corporation of China’s (Chalco) $400m three year bullet bond allowed the issuer to price through its parent company’s curve on Thursday.

While Brexit negotiations continued and banks juggled their contingency plans for various outcomes, two UK corporate issuers successfully accessed the euro corporate bond market this week.

The autumn term has definitely begun in Europe’s corporate bond market. BMW and Daimler, which launched deals last week, may have been the scholarship swots who returned extra-early, but this week the whole sweaty gang of issuers is back en masse, and making plenty of noise.

Chinese bond issuers were the first out of the gate on Thursday, vying for investors’ attention after public holidays in many parts of Asia shut markets on Wednesday.

Mercedes-Benz Auto Finance has completed the tightest auto asset-backed securitization by any foreign originator in China in almost two years. The deal, which closed on Monday, was twice oversubscribed despite two underwriters dropping out of the syndicate at the eleventh hour.

Geely and BNP Paribas’s auto finance joint venture hit the Chinese securitization market with a bang on Tuesday, as domestic investors oversubscribed its single tranche sale by three times. The deal came a week before Mercedes is scheduled to launch a similarly structured transaction, which will be its first in China this year.