ICBC

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.

Three Chinese local government financing vehicles (LGFVs) priced dollar bonds this week, despite a recent default in the onshore debt market.

The debate over whether Shanghai Lingang Economic Development (Group) Co and Zhuhai Huafa Group Co are pure-play local government financing vehicles or Chinese state-owned enterprises took centre stage during their dollar bond outings on Tuesday.

Signs of a revival in primary bond market activity were evident on Tuesday when four Asian issuers ventured out for new dollar transactions, setting the stage for what is set to be a busy September.

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.

Beijing Construction Engineering Group (BCEG) raised $600m from a quick transaction on Monday, following the approach of other recent Chinese issuers by relying on anchor orders to close the deal.

The second deal in two days from a Volkswagen entity was never expected to hit the heights of the triple-tranche euro deal the day before. However, Thursday’s sterling trade still received a very strong response from investors.

The Canadian province of Quebec has mandated four banks, including two international firms, to underwrite its first bond in China, a finance official at the provincial government told GlobalRMB.

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.

China Aircraft Leasing is back with a $790m borrowing, pushing for a longer tenor to support its aircraft purchasing.

Commodities trader Trafigura is back in the market with a three tranche loan that will be worth around $1.5bn.

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.