Standard Chartered

Qatar National Bank and Bank of China kept the momentum going in the offshore renminbi bond market this week, with the latter’s Rmb4bn ($632m) deal the largest in nearly three years. Their success is an encouraging sign about appetite for the currency.

Investors interested in Chinese property bonds had plenty to choose from this week. Eight high yield real estate names raised more than $2.4bn in dollar bonds, with yields ranging from low-6% to over 10%.

Singaporean issuers in the dollar market are rare enough for investors, but those with a guarantee from the triple-A rated government are ever more unusual. Clifford Capital made the most of that rarity value this week, raising $300m from a government-guaranteed deal.

The Islamic Development Bank (IsDB) has mandated eight banks to roadshow a benchmark five year Reg S sukuk with a view to adding a 10 year tranche as well.

Seplat Petroleum Development, a Nigerian oil and gas exploration and production company, is lining up its first international bond which will also be the first non-financial corporate bond from Africa this year.

Qatar National Bank (QNB) kept the momentum in the offshore renminbi bond market going with a new issuance on Tuesday, showing there is still appetite for the currency.

Four of the six deals in the primary market in Asia on Tuesday were from Chinese real estate companies. But despite the inevitable competitive dynamics between the trades, Modern Land (China) Co, Yuzhou Properties Company, Guorui Properties and Tahoe Group Co were all able to meet their targets.

First Abu Dhabi Bank raised $650m with its market return on Monday, as Gulf Corporation Council financial supply continued with Union National Bank.

Republic of Senegal is planning to make its first funding foray into euros, following its fellow West African nation Cote d’Ivoire to fund in its natural currency.

Bank of China, Industrial and Commercial Bank of China and Industrial Bank Co have raised close to $3.7bn from eight fixed and floating rate tranches in three currencies. But most of the portions had to offer a new issue premium, which ranged from a few basis points to as much as 15bp.

Central China Real Estate, Hubei Science & Technology Investment Group Co and Shui On Land jumped into the offshore debt market on Monday, getting ahead of a growing line of issuers.

After a three week wait, First Abu Dhabi Bank has deemed the market constructive enough to open books on its new five year sukuk, and had crushed the spread to 4bp over its existing bonds on Monday.