Asia's IG market reopens with triple helping

Asian bond markets reopened with a bang on Tuesday as China Communications Construction, Haitong International, and Formosa Plastics all launched dollar-denominated deals.

With the passing of the blackout period and Easter hiatus, Beijing-based China Communications Construction priced a $1.1 billion perpetual bond offering that is callable in year five at a yield of 3.5%, according to a term sheet seen by FinanceAsia.

Another inaugural issuer was Formosa Plastics, a Taiwan-based plastic manufacturer, which sold a $1 billion 10-year bond at US Treasuries plus 157 basis points, while repeat borrower Haitong International launched a $670 million five-year note at Treasuries...