China

Two Chinese high yield names made their mark on Tuesday, with Road King Infrastructure bagging $500m and Haikou Meilan International Airport netting $200m from its first G3 bond offering.

Chongqing Western Modern Logistics Industry Zone Development Construction raised $500m from bond investors on Tuesday, with generous initial price guidance allowing the issuer to tighten by as much as 30bp.

The Central American Bank for Economic Integration (Cabei) ventured into Taiwan’s Formosa bond market for the third consecutive year, raising Rmb700m ($105m) from a three year note.

Haikou Meilan International Airport Company launched its inaugural dollar bond on Tuesday, with initial price guidance set in the 5.35% area.

The World Bank has announced the price guidance for its upcoming Mulan bond.

Incompatible accounting standards could soon be a thing of the past for foreign issuers looking to tap into China’s onshore bond market with the World Bank’s upcoming SDR trade providing a template on how to get around this long standing issue.

China’s Yestar International Holdings Company and South Korea’s Nonghyup Bank have kicked off investor meetings for their respective bond offerings.

Greenland Holding Group raised $300m on Monday with a deal that was priced through its curve — a feat that was possible despite the firm being hit with a ratings downgrade earlier this year.

An improvement in global risk sentiment has helped steepen the CNY curve this week but sources expect weakness in upcoming domestic data to limit scope for further steepening from current levels, writes Deirdre Yeung of Total Derivatives.

Jiangsu NewHeadLine (NHL) Development Group bagged $100m on Monday with a tap of its existing $200m 6.20% 2019s, seizing one of the last windows of issuance before a busy September begins.

China Mengniu Dairy has added seven members to the syndicate of lenders for its $200m fundraising.

Action in the Asia ex-Japan dollar bond market picked up a notch on Tuesday with a number of issuers launching transactions.