DBS

A handful of Chinese companies managed to hit the bond market on Wednesday for new deals, ahead of not just the upcoming Chinese New Year break but also the jumbo outing launched by Alibaba Group Holding on Thursday.

Investors were eager to buy into investment grade rated property developer China Overseas Grand Oceans Group's (Cogo) latest dollar bond, pumping in $4.6bn of orders for the $512m trade.

Casino operator Genting New York priced a $525m bond on Wednesday.

More Chinese real estate borrowers headed to the dollar bond market on Tuesday, as bankers tackle a supply rush in the lead up to the Chinese New Year holidays in mid-February.

Indonesia's Tower Bersama Infrastructure took an aggressive pricing approach to a tap of its dollar bond on Monday. But when investor response fell short of expectations, the issuer was forced to pull its fundraising.

BOC Aviation followed Singapore Airlines into the bond market this week, bagging $400m amid a boost in sentiment around the travel industry.

The frenetic pace of dollar bond issuance from Greater China continued on Thursday as three property companies and two government linked names courted investors.

Indonesia's Tower Bersama Infrastructure used its recent rating upgrade to entice investors to its $300m bond on Wednesday. Price discovery was not easy but the telecommunication tower provider’s improving business profile appealed to the market.

Agricultural Bank of China and Shanghai Pudong Development Bank Co competed for investor orders on Monday. ABC, the bigger of the two and offering a green bond to the market, got more attention, while SPDB faced an uphill battle.

Issuers from Greater China flooded the market with dollar deals on Tuesday, capitalising on strong appetite from investors ready to put money to work in the new year.

The Republic of Indonesia kicked off its 2021 bond issuance this week with a $3bn deal in dollars, split across 10 year, 30 year and 50 year notes, as well as a €1bn tranche.

The Republic of Indonesia, a keen issuer in dollar and euro markets, launched a euro-denominated benchmark bond on Tuesday, jumpstarting its funding for the year.