ASIA-PACIFIC

摘要

The continued strength of the onshore Chinese bid supported the latest debut offshore issue from China's municipal sector last week, as Tianjin Free Trade Zone Investment Holding Group's US dollar bonds achieved a benchmark size and a seven times oversubscribed order book. Orders reached US$3.7bn for the three-year US$500m bonds, which priced at US Treasuries plus 257.5bp, well inside initial guidance of 290bp. The 3.625% bonds priced at 99.536 to yield 3.79%. Investors were predominantly from Asia at 94% of the book, with Europe and others taking the remaining 6%. Banks made up for a large part of the book at 34%, but fund managers were the main investors at 43%, while agencies and sovereign wealth funds were at 10% and private banks and others were at 13%.