China borrowers fuel up on bonds

China Travel Services, Tewoo and Hongqiao launch combined $1.7 billion of dollar bonds, shoring up funds as market volatility subsides.

Asia’s debt capital market continues to thrive, with Monday night seeing a combined total of $1.7 billion worth of dollar-denominated bonds solely from Chinese issuers.

Mainland travel agency China Travel Services sold a debut $1 billion dual-tranche offering, while state-owned trading company Tewoo raised an inaugural $400 million three-year bond backed by an ICBC Tianjin branch standby letter of credit.

Added to that list, Chinese aluminium producer Hongqiao priced a $300 million capped 3.5-year note also on the same night, all thanks to better market conditions, bankers said.

“The recent batch of US data ... are in line with our views that US economic...

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