Wells Fargo Securities

The Asian debt market has had a slow but steady stream of deals since the Brexit vote on June 23, but Bank of China blasted the issuance window wide open on Tuesday with a $3bn five tranche, multi-currency transaction — the region’s largest international green bond. Max Bower reports.

Bank of China has printed Asia’s largest green bond in a $3bn deal split between dollar, euro and CNH tranches. The landmark trade attracted strong investor demand and gave a much needed fillip to the dim sum bond market.

Bank of China is planning to issue a multi-currency international green bond, in what will be China’s second offshore financial green offering.

CP Pokphand, part of Thai firm Charoen Pokphand Group, has raised a $600m loan to repay outstanding debt.

State Bank of India has allocated its latest $500m borrowing, finding demand from eight new lenders during syndication.

The dollar market ended its record-breaking run of issuance this week as uncertainty around the outcome of the UK referendum vote caused buyers to take flight and spreads to widen.

Europe’s investment grade corporate bond market has almost caught up with last year’s volume, after a dire start to the year, but issuance in the next nine days is likely to be very quiet, leading up to the Brexit referendum on Thursday June 23.

Cott Corp, the US-Canadian drinks maker, on Thursday sold a €450m bond to support its buyout of Eden Springs of Switzerland.

Credit Suisse took advantage of highly favourable funding conditions to take out $2bn as it took a further step towards meeting its total loss-absorbing capacity (TLAC) requirements.

Scotiabank de Costa Rica has included Taiwanese lenders in its list of invitees for a $75m two-tranche fundraising, following in the footsteps of many other borrowers from Latin America that are looking to Asia for liquidity.

ICBC continued its debt-raising spree on Monday, with the New York branch becoming the third of the lender’s units to sell a bond this month. But while the deal resonated well with Chinese bank treasuries, signs of investor fatigue are starting to appear.

Nasdaq, the US stock exchange, received an enthusiastic reception from investors as it returned to Europe’s bond markets after a three year absence and widened its investor base.