JP Morgan

China Merchants Bank (CMB) Hong Kong branch made its dollar debut on Thursday with a $500m three year bond. After signing a new $5bn EMTN programme last week, the issuer was keen to establish its footprint in the market with the transaction and was met with a strong reception from investors.

Oversea-Chinese Banking Corporation has mandated banks to arrange a series of meetings with investors to discuss a new Basel III tier two offering, the bank’s second this year. But this time the borrower is firmly targeting investors outside Asia.

JP Morgan and Fifth Third Bancorp exploited soaring demand for high-grade paper in the US this week as they printed preferred share deals at low coupons.

The State of North Rhine Westphalia crowned a week of dollar issuance with a return to fixed rate benchmark issuance in the currency after a near four year hiatus. The move came in a week when more frequent issuers were able to attract demand even at very tight levels.

The European leveraged loan market, usually the weaker rival of its larger US counterpart, is punching above its weight as US mutual funds have faltered in their enthusiasm for buy-out debt.

The Malaysian government’s strategic investment fund, Khazanah Nasional, launched a five year exchangeable sukuk worth as much as $750m on Wednesday. However, its refusal to accept anything but the most ambitious terms led it to pull the deal the following day, making it a high profile casualty in what has been a resurgent Asian equity-linked primary market this year, writes Rev Hui.

Hong Kong listed Semiconductor Manufacturing International Corp (SMIC) raised HK$1.55bn ($200m) on Wednesday from a top-up placement that was complemented by a $95m tap of the company’s 2018 convertible bond.

The Republic of Korea returned to the euro market for the first time in eight years on Tuesday, pricing a $2bn equivalent dual tranche trade that included a dollar leg. Bringing its first ever 30 year bond, the sovereign was able to create one of the flattest dollar curves of its peer group. But having been away from euros for so long, it was prepared to leave some money on the table for that tranche if needed, writes Isabella Zhong.

CMB HK makes dollar debut with three year — KEB rides RoK tailwind — MCC puts dollar return on drawing board — HK Huafa seeks offshore RMB debut

China Overseas Land and Investment (COLI)’s dual tranche tap went ahead as planned on Wednesday but reverse enquiry meant that the borrower added a new 20 year bond mid-way through the process. The new bond also doubled the size of the issue to $1bn.

Snacks maker Uni-President China Holdings opened subscription for its HK$3.38bn ($423m) one for five rights issue on Wednesday.

Baidu priced its third issue in the dollar market on Wednesday, a $1bn five year bond. The Chinese search engine operator again targeted US investors with the SEC registered notes — and the strategy paid off.