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State Grid of China bond behemoth heads busy markets

Date: 09 Feb 2010

The mainland electricity grid operator conducted the second-largest bond issue from Asia-Pacific ex-Japan, and was joined by several notable international bonds. Asiamoney.com rounds up last week’s key regional capital market activity.

Keywords (click to search): [DCM] [ECM] [M&A] [China] [State Grid of China] [Noble Group] [New World Development] [China First Heavy Industries]

Pamela Tang

State Grid of China underlined the liquidity of China’s expanding bond market when it sold Rmb30 billion (US$4.4 billion) of 10- and 15-year paper last week.

The transaction stands as the second-largest investment grade issue in Asia ex-Japan on record, according to data provider Dealogic.

The electricity-transmission grid operator has been active in the capital markets of late. In December, it had issued a Rmb20 billion deal comprised of seven- and 10-year maturities. But this latest transaction underlines how much growing interest there is for benchmark renminbi bonds within China.

The transaction crowned a remarkably busy week for Asia Pacific ex-Japan’s capital markets. Deals conducted in equity, debt and M&A during the first week of February significantly outpaced that of the previous week.

Aside from State Grid of China’s behemoth transaction, several notable deals were conducted in US dollars.

On February 3, Hong Kong...

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