Road King Infrastructure and Chaoda Modern Agriculture are preparing to launch international bond issues in what should mark a welcome diversification away from the Hong Kong corporate heavyweights that have historically dominated issuance from the Territory.
Few Chinese corporates have ever tapped the US dollar markets because there are still hardly any instruments with which to hedge a RMB-denominated balance sheet. From Hong Kong itself, there has been a steady stream of issuance over the years, but it has been largely concentrated among a few regular, benchmark issuers that are either government-owned, or property developers.
True corporate issuance from China is rare and what few deals...
