ASIA-PACIFIC

摘要

China construction bank (ASIA) priced the largest offshore renminbi offering from a non-sovereign issuer last Thursday with a Rmb4bn (US$655m) two-year Reg S senior note. Typically, the Ministry of Finance sells the largest Dim Sum bonds. Orders built quickly for CCBA's offering, resulting in a hefty Rmb11bn order book from more than 140 accounts. As a result, the indicated yield on the bond was narrowed 25bp before final pricing. China eastern airlines was also in the market last Thursday, attracting Rmb4.3bn for a Rmb2.5bn offering. Together, the deals proved there is plenty of liquidity in the Dim Sum market. Neither the recent volatility in CNH levels nor the Ukrainian crisis that gripped the markets earlier in the week appeared to affect investors' appetite.