ICBC

Bond sales from Chinese issuers continued unabated on Thursday despite heavy supply in the first half of the week, with firms raising a combined $1.1bn from the debt market.

Industrial and Commercial Bank of China raised a smaller than planned $2.9bn from its additional tier one outing, buffeted by a surge in supply this week and a softer market backdrop. Alice Huang reports.

China’s Avic International Holding Corp raised $300m from its bond outing on Tuesday.

Tensions between the US and China dealt a blow to state-owned utility firm China Three Gorges Corp’s $1bn bond outing, which fell short of the lead banks’ pricing expectations.

Crédit Agricole printed its long-awaited Rmb1bn ($146m) Panda bond this week, after delaying its offering by nearly three months due to volatility in China’s onshore debt market.

Chinese local government financing vehicle (LGFV) Guangzhou Metro Group Co priced a tight dual-tranche deal on Thursday, including a 10 year tranche for the first time, in a bid to take advantage of falling yields.

Chinese battery maker Contemporary Amperex Technology Co (CATL) made its debut in the bond market on Thursday with a $1.5bn dual tranche deal that saw demand of nearly $14bn coming in.

The Republic of Poland, the first European country to issue a Panda bond in August 2016, has finished the documentation process for its second onshore renminbi offering, GlobalCapital China understands.

Central China Securities Co opted for a short 363 day bond for its maiden dollar debt outing, testing the waters first before planning longer-dated deals and potentially getting an international rating.

CNCB (Hong Kong) Investment, a subsidiary of China Citic Group, is planning to repay a $800m loan raised in 2018 after struggling to get consent from lenders for covenant waivers.

Bank of Communications used its Hong Kong arm for a tightly priced dual-tranche deal on Thursday, bringing back floating rate and fixed rate combo bonds for Chinese financial credits.

Yum China, the Mainland-based fast food franchise operator, was eyeing at least HK$17.3bn ($2.2bn) in fresh equity on Friday after giving investors some price guidance for its secondary listing in Hong Kong.