Chinese G3 bond issuance speeds up

Another busy day but better pricing for investors as issuers make allowances for a heavy pipeline and the poor trading performance of recent deals.

Chinese issuance continued to pick up speed on Tuesday with dollar bond offerings for Chongqing Western Modern Logistics, Haikou Airport and Hong Kong-listed Road King Infrastructure. 

In a nod to a heavy new issuance pipeline and the subdued secondary market performance of recent deals, Tuesday's batch offered proper new issue premiums, which should help the market digest the paper.

The most surprising deal of the three was from Road King since it raised $450 million only four weeks ago. At the time, the deal was cited for its rarity value and the issuer for its professional Hong Kong-based management.

Its rapid re-appearance...

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