China property bonds are a hit, but few more deals expected

Two Chinese property companies made the most of a welcoming bond market this week, generating more than $6bn of demand between them. But most bankers think supply for the rest of the year will be limited, even after recent jumps in the secondary market, writes Matthew Thomas.

  • 14 Sep 2012

Kaisa Group and Road King Infrastructure both sold dollar bonds this week, showing the demand for high yield names available at the moment.

Some bankers hope the success of the deals will inspire more mainland property companies to tap the bond market, reigniting a source of supply that ...

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All Corporate Bonds

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5 Barclays 80,468.49 350 4.47%

Bookrunners of Euro Denominated Corporate IG Bonds

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1 BNP Paribas 22,082.43 98 8.71%
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4 HSBC 15,446.24 67 6.09%
5 SG Corporate & Investment Banking 14,434.81 77 5.69%

Bookrunners of European HY Bonds

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1 JPMorgan 5,335.13 43 7.91%
2 Goldman Sachs 4,721.48 37 7.00%
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5 Barclays 4,075.90 34 6.05%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 26,963.24 210 10.82%
2 Citi 20,901.57 165 8.39%
3 Bank of America Merrill Lynch 20,737.25 183 8.32%
4 Goldman Sachs 18,279.20 131 7.34%
5 Morgan Stanley 17,353.91 102 6.97%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Barclays 26,454.29 102 6.87%
2 HSBC 25,726.70 116 6.68%
3 Deutsche Bank 25,363.90 91 6.59%
4 Citi 23,533.28 107 6.11%
5 JPMorgan 22,896.76 127 5.95%