Bank of Communications

Investors flocked to Huzhou City Investment Development Group Co’s $300m bond, leading to a surprisingly large final book, a hefty 65bp price tightening and a headache over allocation.

Investors were unfazed by State Power Investment Corp’s (SPIC) move to tighten pricing on a $1bn bond by 52bp. The Chinese company’s deal was six times oversubscribed at its peak, and only tightened further in the secondary market.

China Huarong Financial Leasing Co opted for a short tenor deal for its latest $300m bond outing in a bid to save on funding costs.

Shanghai Pudong Development Bank Co has added to the growing presence of Chinese financial credits in the international debt market with a $500m deal.

Yunnan Construction and Investment Holding Group relied on anchor orders for its maiden $500m bond this week.

Dollar bonds sold by Bank of Communications and Industrial and Commercial Bank of China widened in the aftermarket on Tuesday after both firms took a tight approach to pricing.

Chinese high yield names continued to flow into the offshore market this week. Property developer RiseSun Real Estate Development Co took $250m from a 364-day bond, and financial firm Tongchuangjiuding Investment Management Group Co raised $300m.

Chinese issuers continued to bombard the dollar bond market on Thursday. Hangzhou Financial Investment Group Co, Yankuang Group Co and ZhongAn Online P&C Insurance were among those that sold deals.

China Bohai Bank has priced its Hong Kong listing just off the floor of the marketed range to raise HK$13.8bn ($1.78bn).

Bohai Bank wrapped up a billion-dollar-plus Hong Kong IPO this week. The issuer, one of China’s last remaining joint-stock commercial banks to go public, rode the tail end of a hot period for the city’s IPO market. Jonathan Breen reports.

Bank of Communications Financial Leasing Co priced a $800m dual-tranche deal on Tuesday. While it initially wanted to sell just a floating rate note, it added a fixed rate portion too due to investor interest.

China Bohai Bank is set to price its Hong Kong IPO around the bottom of the marketed range on Thursday to net HK$13.7bn ($1.77bn), according to a source close to the deal.