Standard Chartered

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.

Asia’s debt market is heading into March at full speed with seven issuers opening new deals on Monday. Borrowers need to be quick on their feet and act promptly over the next month to get their bonds past the finish line, said bankers in the region.

Chinese leasing firm Far East Horizon was one of the first issuers to reopen the international bond market after a lull of more than a week, raising $300m from a dual-currency transaction on Thursday. But it was forced to pay up for the dollar portion due to lingering volatility in the market.

India's Tata Steel, which mandated a group of 21 lenders in January for a new loan, has shrunk the size of the fundraising following a blowout bond issuance.

Albaraka Turk broke new ground last week it has emerged, issuing the first ever Basel III-compliant additional tier one (AT1) from Turkey in a private placement. The deal has set a structuring template for future Turkish AT1 issuance, and has sparked interest among those looking to bring the next, possibly public benchmark, deal, writes Virginia Furness.

Kenya printed a $2bn dual tranche bond this week from a combined book of $14bn as investors continued to pile into emerging market credits they favour.