China Merchants Bank Co

Mainland telecommunications infrastructure giant China Tower raised HK$54.3bn ($6.9bn) this week after getting its mammoth float across the line at the bottom of guidance.

Telecommunications infrastructure giant China Tower found huge demand for its multi-billion-dollar IPO this week as it kicked off bookbuilding in Hong Kong. The deal is a counter-balance to a flood of technology listings in the market this year. Jonathan Breen reports.

China Fortune Land Co and Sunac China Holdings have closed new dollar bonds, following a pair of successful taps that proved the market is returning to form.

GLP rode the wave of bullish sentiment engulfing China’s bond market to pocket Rmb1.5bn ($223.7m) from a Panda issuance last week, returning to the interbank market. The issuer is already planning a follow-up.

Agile Group Holdings snapped up $400m from a tap on Thursday, with investors’ response sending a strong signal to the high yield market, according to bankers.

CMB Financial Leasing is back for a $400m bullet loan, shaving 10bp of the margin compared with a larger borrowing sealed last year.

Onshore DCM bankers are having a busy week in the Panda bond market. Two returning issuers have lined up onshore transactions this week, as they seek to profit from looser liquidity and falling yields in China.

Dongfeng Nissan Auto Finance is selling a Rmb4.5bn ($674.4m) ABS deal next week — the first by a foreign originator in the second half. Sources say the originator has been afforded a nice window to issue given the looser onshore liquidity, but it will enjoy less flexibility around the structure of the deal.

Chinese online game developer 7Road Holdings has raised HK$1bn ($127.4m) after pricing its IPO at the floor of the marketing range, according to a banker on the trade.

Lukewarm demand for recent floating rate notes, and their underperformance in the secondary market, has raised a key question for Asian issuers: are investors falling out of love with dollar floaters? Morgan Davis finds out.

Chinese peer-to-peer lending platform 51 Credit Card has raised HK$1bn ($128.6m) after pricing its IPO at the bottom of guidance, according to a banker on the deal.

CMB International raised $250m from a three year floating rate note on Monday. Bankers and analysts were expecting the deal to reach $300m but despite a well-filled book, the borrower opted to limit its size ambitions.