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In one fell swoop, China Netcom made its bond debut and became the year’s biggest corporate issuer of renminbi bonds when it priced a Rmb5bn ($604m) dual tranche 10 year transaction on Monday.

Australia

The Bank of Queensland (BoQ) exploited a keen onshore and international bid for Australian banks to price a A$110m three year floating rate note yesterday (Thursday).

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Two Chinese IPOs are set to go off with a bang shortly. The first is the jumbo China Life deal, which will be the world’s largest IPO in 2003. The second is for Great Wall Automobile Holding, China’s largest car manufacturer, for which demand has been so strong that the lead banks have run out of retail application forms. Although the China Life bookbuild will not close until next Thursday, the books are already well covered. China International Capital Corp, Citigroup, Credit Suisse First Boston and Deutsche Bank are arranging the sale.