Taikang makes bond debut in buoyant market

Taikang Insurance raised $800 million from a five-year senior bond, becoming just the third Chinese issuer in the market this year.

Chinese issuers dominated Asian bond supply at the end of last year. China’s lengthy bond approval regime was the main cause, as issuers rushed to market before their approvals expired and they were forced to go back to regulators for permission once again.

The start of the year has been predictably slower in terms of Chinese supply, with just two deals before Wednesday. But Taikang Insurance Group proved able to come quickly to the market, selling an $800 million five-year bond on Wednesday. And despite the risk of over-supply from Chinese issuers before Christmas, it got a clear welcome from investors.

The company managed to price the...

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