China Construction Bank

China Development Bank became the latest name to take advantage of a liquidity-abundant market, snapping up $3bn-equivalent from three floating rate tranches in two currencies — in one of the largest FRN trades out of Asia.

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.

China Development Bank Corp is making a swift return to the debt market with a floating rate transaction split between three and five year dollar portions and a 2020 tranche denominated in Hong Kong dollars.

Shandong International Trust Co’s $300m IPO in Hong Kong has been given the go-ahead by the China Securities Regulatory Commission.

China Construction Bank sealed a €500m deal through its European arm on Wednesday, securing ample investor interest from both Asia and Europe to price with negligible new issue concession.

China Construction Bank (Europe) launched its new euro notes on Wednesday morning, becoming the third Chinese lender to hit the G3 debt market this week.

Bank of China started taking bids for a triple-tranche dollar offering on Tuesday, while China Construction Bank is looking to return to the euro bond market after a two year hiatus.

Activity is trickling back into Asia ECM as bankers return to their desks post Chinese New Year, with several Hong Kong IPOs looking to start pre-marketing and a Thai name testing investor appetite.

Hong Kong Airlines was among the many borrowers that squeezed through a narrow issuance window last week before Chinese New Year. Its first senior perpetual, which has been sometime in the making, soared with strong private bank demand.

Zhuhai Huafa Group Co on Thursday rolled out a three year dollar offering. It was not an easy task to find a direct comparable due to the debut status of the issuer and its credit strength compared to some other names, admitted bankers.

Hong Kong Airlines, whose biggest shareholder is China’s HNA Group, was marketing a senior perpetual non call 3.5 year bond on Friday, driven by anchor interest.

China Development Bank priced a mammoth five tranche deal Tuesday, raising more than $4bn across three dollar and two euro tranches, making it the first Chinese name to issue a euro deal this year.