Standard Chartered

Foreign investors maintained their strong bid for Gulf bonds this week, taking half the allocations for a $750m five year sukuk deal from Boubyan Bank.

Agricultural Development Bank of China took Rmb1.5bn ($215m) from a tap of its outstanding dim sum bond on Tuesday. Thanks to little supply in the offshore renminbi bond market, the issuer pulled off a tightly priced deal, even finding support from price-sensitive hedge fund investors.

Yiwu State-owned Capital Operation Co raised $400m from a bond on Tuesday, showing that there is still interest in deals from Chinese local government financial vehicles (LGFVs) amid the outbreak of the novel coronavirus.

Right Lane, a wholly-owned subsidiary of Chinese conglomerate Legend Holdings, has returned to the market for a $350m loan.

China International Capital Corp (CICC) raised $1bn from a three year floating rate bond on Monday, appealing to investors because of its strong credentials and name recognition, said bankers on the deal.

Trans Retail Indonesia, also known as Carrefour Indonesia, has launched a dual-currency deal into general syndication, opting for a slightly different approach to paying participation fees to lenders.

Zhongliang Holdings Group Co has raised $250m from a 364-day deal, on the back of revived trading in Chinese high yield property bonds.

Dollar bonds sold by Chinese high yield property companies recovered from their trading lows at the end of January to become some of the highest performing notes in Asia last week. While that has created some positive momentum for the deals set to come to the market soon, analysts remain cautious.

Indian Railway Finance Corp courted investors for a 10 year bond on Thursday, only to add a 30 year tranche to the transaction later in the day following reverse enquiry.

Qatar National Bank returned to the euro market for the first time since March 2018 this week, while there was also an unusual outing in Saudi riyal as Emirates NBD made its debut in the currency — the first from a non-Saudi issuer since 2018.

Qatar National Bank took $1bn from bond markets on Wednesday as it tapped investors for the second time this year, with just 1% allocated to Gulf Co-operation Council-based investors.

Investors rushed to Indian company Adani Electricity Mumbai's (AEML) bond on Wednesday, flooding the $1bn deal with orders that reached more than $6bn at their peak.