ASIA-PACIFIC

摘要

Two Chinese state-owned issuers hit the offshore markets at the same time last Tuesday, but the competing supply did not affect demand. Chinese onshore accounts have recently been wary of long tenors and favour maturities of three and five years, and these offerings met that demand. "Chinese investors are very duration-averse," said a credit analyst. "They only like five-year and below dollar paper. Other accounts follow them, that's why three-year and five-year paper prices so tight in Asia." China state construction engineering corp (A2/A/A) raised US$1bn from two tranches of bonds - US$500m from three-year paper at Treasuries plus 142.5bp, in from initial guidance of 165bp area, and US$500m from five-year notes at Treasuries plus 152.5bp, in from 175bp area guidance.