Two of China’s largest financial companies chose the same day to launch their US dollar bond offerings. On Thursday, investors were offered a $3 billion four-tranche deal from China Cinda Asset Management and an $800 million debut issue from China Reinsurance Group, the country’s largest reinsurer.
The two deals were launched amid a relatively optimistic tone in the Asia credit market, despite US central bank officials suggesting an interest rate hike was imminent. The chance of a March rate hike now sits at 90%, according to market pricing, triggering a sell down in the US 10-year Treasury paper.
“Asian issuers in the dollar bond market have rushed...
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