ICBC

General Motors’ joint venture sealed a Rmb10.4bn ($1.62bn) deal in the Chinese securitization market on June 6, marking its biggest outing so far. Bankers on the deal said the auto company wanted to bag the cash before onshore rates come under pressure in the second half of the year.

Industrial and Commercial Bank of China’s London branch issued a $1.5bn-equivalent green bond on Tuesday, becoming the third big Chinese bank to hit the offshore debt market with floating rate notes in less than a week.

The Panda bond pipeline is bursting at the seams with red chip Chinese names and SSAs preparing for renminbi deals, prompting some in the market to predict a new era of growth for the asset class.

General Motors’ Shanghai-based joint venture is gearing up for its biggest securitization transaction in China. The Rmb10.4bn ($1.62bn) notes will be up for grabs not only for onshore investors, but also those tapping the market via Bond Connect.

China Overseas Grand Oceans Group (Cogo) raised a larger than expected $500m from a three year bond on Thursday, a week after pulling a 2023 transaction. Future Land Holdings Co also managed to woo investors to a $200m tap.

Beijing Enterprises Water Group (BEWG) sold two tranches of Panda bonds in the onshore interbank market on Thursday, taking home Rmb3bn ($470.1m). The issuer had hoped to bring in foreign investors through Bond Connect, but scrapped the plan in a rushed outing to the market.

China Great Wall Asset Management Corp snapped up $600m from a five year bond on Thursday, a modest size compared to its last offshore outing.

Two Chinese transactions on Wednesday served as perfect examples of how duration can make a difference. Greenland Holding Group Co’s $500m sub-one year bond attracted a larger-than-expected order book, while China Overseas Grand Oceans Group (Cogo) had to pull a five year trade as a result of insufficient demand.

Bank of China’s aircraft leasing arm BOC Aviation sold a rare seven year dollar-denominated floating rate note (FRN) on Monday to an overwhelming response. The deal has opened the door to other financial institutions in the region looking to extend their funding profiles in the format.

Peking University Founder Group, Industrial and Commercial Bank of China and BOC Aviation came out with floating rate deals on Monday as the format continues to find favour among investors.

ICBC Financial Leasing broke the silence in Asia’s offshore bond market on Tuesday, returning with a popular $1.5bn dual-tranche floating rate transaction that served as a reminder of just how enthusiastic investors can get when there is the opportunity to hedge away interest risk.

The Republic of Angola raised $3bn this week with its first Eurobond since 2015, after a juicy yield and a positive narrative about reform in the country enticed investors to place $9bn of orders.