China state-owned debuts spur G3 activity

It has been a busy week for Chinese government-owned entities, which have been raising inaugural dollar funding before Treasury yields start trending up in 2014.

Chinese state-owned enterprises SOEs have been actively selling maiden bonds this week before funding costs spike next year as Federal Reserve tapering speculation mounts on positive US data.

On Thursday, China State Shipbuilding Corp CSSC and Baoshan Iron Steel became the latest Chinese SOEs to seize the chance to raise cash before year-end, selling a total of $1.3 billion of dollar bonds to finance overseas operations or asset acquisitions.

China Merchants Land’s $500 million note on Wednesday and Agricultural Bank of China’s $500 million deal on Tuesday add another $1 billion to that pool, meaning a total of $2.3 billion have been raised by Chinese...

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