China is planning to raise up to USD $4 billion through a two-tranche dollar bond offering, just a week after its trade war truce with Washington, according to a term sheet seen by Reuters. The deal includes a three-year bond priced at U.S. Treasuries plus ~25 basis points and a five-year bond at Treasuries plus ~30 basis points. Despite the USD 4 billion cap, demand has surged, with the order book exceeding USD 65 billion, a bookrunner’s message revealed. This marks China’s largest dollar-denominated issuance in four years. Last year, China raised USD 2 billion via dollar bonds issued in Saudi Arabia—its first such issuance in the region.