ANZ

Lenders that have chipped in for Bank Negara Indonesia’s $750m facility can expect to be scaled back by close to 50% of their original commitments, said bankers close to the trade. Allocations are due to be announced in the next few days.

Singapore-listed commodities company Noble Group, ICBC International and China SCE Property Holdings were out of the gates on Monday morning for new dollar outings, coming before a widely expected Federal Reserve rate hike this month.

China Reinsurance (Group) Corp and China Cinda Asset Management Co ventured out on a busy Thursday with their respective five year prints that saw investors stand firmly by their sides. The two took a combined $3.8bn.

The strength of the primary debt market in Asia shows no signs of abating, with a number of borrowers heading out on Thursday for fresh dollar fundraisings.

Novelis’s $1.8bn Asian refinancing of its US term loan B has seen four new lenders come in during syndication, as the leads hold out for several more large commitments.

Issuers from Greater China are set to storm the debt market soon with China Reinsurance Finance Corp, China Cinda Asset Management Co, Grand China Air Co and Pacific Century Premium Developments eyeing dollar offerings. Separately, New China Life Insurance Company has got the green light from its board to raise funds offshore.

Banks hit the market with a host of very tightly priced preferred senior deals this week, and a growing pipeline suggested the trend in issuance was only set to continue.

Rating: Aa3/AA-/AA-

ANZ New Zealand has become the first antipodean bank to raise a preferred senior bond in euros this year, as credit spreads linger at record tights in the financial sector.

Korea Development Bank (KDB) has become the latest name from South Korea to join the debt issuance party, sealing a triple tranche offering with two floating rate tranches, and finding $4bn of demand for its deal.

United Overseas Bank priced a Basel III tier two bond in its home currency on Monday, becoming the first FIG to sell a Singapore dollar denominated deal in 2017. And it did it with style, achieving both the largest size and the lowest spread.

Asia DCM has seen a steady supply of South Korean issuers so far in 2017, with Korea Development Bank becoming the latest to venture out with dollar-denominated bonds.