• Kaisa puts history behind with exchange/new money priced

    Kaisa Group Holdings has priced the new money portion of an exchange offer, swapping old variable rate bonds with four new sets of fixed rate notes. While bankers on the deal said that the company achieved its goals with the liability management exercise, some away from the trade said the issuance size was smaller than expected.

    • 23 Jun 2017
  • Shimao bows to market turmoil, falls short of size goal

    China’s Shimao Property Holdings braved the volatile market on Thursday to close a $450m deal, but fell short of meeting its ambitions for a larger size.

    • 23 Jun 2017
  • Jinmao goes for price over size in choppy market

    China Jinmao Holdings Group sold a senior perpetual bond in a busy market on Thursday, and against a weak market backdrop after reports that the China Banking Regulatory Commission was ordering checks on lenders' loan exposures.

    • 23 Jun 2017
  • Chinese trio to hit the road for dollar bonds

    Qinghai Provincial Investment Group Co, Guangdong Hengjian Investment Holding Co and China Logistics Property Holdings Co are expected to meet Reg S investors early next week.

    • 23 Jun 2017
  • Rare Hong Kong name plots return to dollars

    Hong Kong property company Lai Sun Development Co is planning a return to the dollar debt market after a more than four year hiatus.

    • 23 Jun 2017
  • Motherson scopes out euro bond return

    Samvardhana Motherson Automotive Systems Group is seeking €300m from a seven year bullet.

    • 23 Jun 2017
  • China duo keep liability management on the boil

    Multi-billion-dollar exchange plus new money offerings from China Evergrande and Kaisa Group took centre stage in Asia DCM this week, keeping liability management as the market's hot topic. The deals are considered a win-win for issuers, which can lock in relatively cheap funding, and for investors, which are compensated by an exchange premium, while also allowing Chinese borrowers to pre-empt regulatory hurdles, writes Addison Gong.

    • 22 Jun 2017
  • Kaisa nears finish line for exchange/new money deal

    Kaisa Group Holdings, the only Chinese developer to default on offshore debt back in 2015, started taking bids on Thursday for the new issuance portion of an exchange offer. Four sets of fixed rate notes will be sold to replace the company’s outstanding variable rate senior bonds.

    • 22 Jun 2017
  • Chinese property bonds front and centre on Thursday

    Property names China Jinmao Holdings Group and Shimao Property Holdings, along with India’s Adani Ports and Special Economic Zone, launched new dollar deals on Thursday.

    • 22 Jun 2017
  • China's Gome electrifies investors with tap

    Gome Electrical Appliances Holdings priced a tap on Tuesday, adding $100m to the original $400m notes on the back of 6x demand. Investors’ eagerness for paper allowed the issuer to price inside both its existing notes and secondary.

    • 21 Jun 2017
  • Brightoil falls victim to HY market headwinds

    Chinese resource-based energy company Brightoil Petroleum (Holdings) pulled what could have been its debut international bond on Tuesday — the second borrower to cancel a deal recently — as heavy high yield supply as a result of two potentially huge exchange offers, as well as the underperformance of recent paper, weighed on investors’ minds.

    • 21 Jun 2017
  • China Evergrande closes in on exchange/new money deal

    China Evergrande Group has announced final price guidance for its new four, six and eight year notes, part of an exchange and new money offering launched earlier this month.

    • 21 Jun 2017
  • Road King drives away with $300m fixed for life

    Road King Infrastructure grabbed $300m on Monday from the sale of its second fixed for life perpetual bond this year, taking advantage of investors’ eagerness for yield.

    • 20 Jun 2017
  • Brightoil, Gome seek funds as China Gold digs for interest

    Brightoil Petroleum (Holdings) is marketing its maiden international bond, while Gome Electrical Appliances Holdings is taking bids for a tap of notes printed earlier this year. China Gold International Resources Corp, meanwhile, is meeting investors later this week for its second offshore outing.

    • 20 Jun 2017
  • Road King steers investors to fixed for life comeback

    Road King Infrastructure is taking bids for its dollar return on Monday, as it looks to sell its second fixed for life deal in 2017.

    • 19 Jun 2017
  • Shandong Ruyi plans dollar return

    Textile maker Shandong Ruyi Technology Group Co is gauging investor interest for a new dollar deal, six months after its debut in the international market.

    • 19 Jun 2017
  • Hainan Airlines, Greenland join short-term notes rush

    Hainan Airlines Holding Co and Greenland Holding Group Co printed bonds with tenors of less than one year on Thursday, finding sufficient demand for their deals. But they were forced to pay a premium, given recent talks around China further regulating offshore funding.

    • 16 Jun 2017
  • Hilong slides into market with $250m debut

    Hilong Holding debuted in the bond market on Thursday with a $250m three year bullet, managing to somewhat defy concerns around its concentration in the volatile oil industry.

    • 16 Jun 2017
  • Greenland looks for refi with short term bond

    Greenland Holding Group Company is out with a 363 day dollar bond on Thursday, its second outing with a short tenor but its first in the public format.

    • 15 Jun 2017
  • Hainan Airlines, Hilong ride on steady market post rate hike

    HNA Group company Hainan Airlines Holding Co rolled out a 364 day bond on Thursday, becoming the second issuer to seek a short-term deal recently. Meanwhile, Chinese oilfield equipment provider Hilong Holding is selling an inaugural three year note.

    • 15 Jun 2017
  • Investors grab aggressive Mphasis debut

    The private equity majority owners of Indian IT company Mphasis raised $500m on Tuesday from a five year non-call two deal, despite it having a structure that is quite unfriendly to bondholders.

    • 14 Jun 2017
  • Minimum yield out for Kaisa’s exchange offer

    Once troubled Chinese property developer Kaisa Group Holdings, which launched an exchange offer last week, has released minimum yields on the four sets of new fixed rate notes that will replace its outstanding variable rate senior bonds.

    • 14 Jun 2017
  • Soechi delays dollar debut as market turns choppy

    Indonesia’s Soechi Lines postponed a dollar bond on Monday because of uncertain market conditions and severe weather in Hong Kong, and it plans to engage with investors at another time. The pulled deal raised questions about whether the pricing on offer was enough to maintain the buy-side’s interest in the first place.

    • 13 Jun 2017
  • Shui On builds 7x demand for senior perp

    Shui On Land priced its senior perpetual bond on Monday in a busy primary market in Asia ex-Japan. The $500m trade was multiple times covered, as demand for perps continues to be strong in the region.

    • 13 Jun 2017
  • 364 day bonds is no easy fix for NDRC headache

    Fantasia Holdings Group Co surprised markets last week with a 364 day bond, opting for a short-term note to circumvent delays in offshore funding approval from the Chinese regulator. At first glance, the notes appear to offer a quick solution for property companies with looming funding requirements — but borrowers should take a closer look at the many disadvantages that come with such short term deals.

    • 13 Jun 2017
  • Indonesia's Japfa, Lippo pull investor interest

    Japfa Comfeed Indonesia and Lippo Malls Indonesia Retail Trust wrapped up their fundraisings successfully on Monday while Soechi Lines was forced to pull its debut deal.

    • 13 Jun 2017
  • Mphasis SPV rolls out senior secured deal

    Marble II, a special purpose investment holding company of Indian IT firm Mphasis, started taking bids for a senior secured five non call two year bond on Tuesday.

    • 13 Jun 2017
  • Lippo Malls trust looks for Sing dollars

    Lippo Malls Indonesia Retail Trust has opened books for a Singapore dollar perpetual non call 5.5 year offering, as two of its compatriots also hit the offshore market.

    • 12 Jun 2017
  • Japfa Comfeed reopens popular $150m five year print

    Japfa Comfeed Indonesia is one of three names from the country in the debt market on Monday, opening a tap of its five non call three bonds printed three months ago.

    • 12 Jun 2017
  • Shui On markets perp, Brightoil mandates for debut

    Shui On Development (Holding) has become the latest Asian issuer to announce a senior perpetual bond, while Brightoil Petroleum (Holdings) has hired two firms to work on an offshore outing.

    • 12 Jun 2017
  • Indonesia's Soechi sets sail with dollar debut

    Indonesia’s Soechi Lines opened books for a five non call three year on Monday morning, its inaugural dollar transaction.

    • 12 Jun 2017
  • HNA Holding to roadshow in HK for new bond

    HNA Group company Hainan Airlines Holding Co will meet investors in Hong Kong next week for an unrated senior bond denominated in dollars

    • 09 Jun 2017
  • Evergrande pushes out maturity with exchange offer

    China Evergrande Group is readying investors for an exchange and new money offering, as the property company looks to deleverage.

    • 09 Jun 2017
  • Developers turn to 364 day bonds to bypass NDRC

    Chinese property developers are increasingly looking at 364 day bonds as a way to sidestep approval delays from the National Development and Reform Commission, after Fantasia Holdings Group Co sold a $350m public note this week. Short-term bonds offer a quick fix for borrowers, but there are concerns over whether this is sustainable in the longer run, writes Addison Gong.

    • 08 Jun 2017
  • KAL takes off with HY print after Hanjin dust settles

    Korean Air Lines (KAL) has become the first high yield issuer from the country to sell an international bond in nearly four years. Its $300m inaugural standalone deal is also evidence of Chinese banks slowly gaining clout in the region, with BOC International (BOCI) becoming the first Chinese firm to lead a Korean offering on a sole basis. Addison Gong reports.

    • 08 Jun 2017
  • Tunghsu Group sets sail with $350m offshore print

    Optoelectronic display manufacturer Tunghsu Group Co wrapped up its inaugural offshore deal on Wednesday, finding support from domestic and international accounts, despite operating in a relatively unfamiliar industry.

    • 08 Jun 2017
  • China's Hilong drills for new dollar bond

    Chinese high yield company Hilong Holding has mandated banks for a dollar bond.

    • 08 Jun 2017
  • Fantasia bypasses NDRC with 364 day bond

    Chinese developer Fantasia Holdings Group Co wrapped up an unrated short-term note on Tuesday, snapping up $350m for refinancing. Bonds with maturities of less than a year are increasingly being considered by Mainland issuers, given the barriers in getting regulatory approval to go offshore for fundraising.

    • 07 Jun 2017
  • Kaisa brings out exchange offer for senior bonds

    Chinese property developer Kaisa Group Holdings is looking to launch an exchange offer, swapping a series of variable rate senior bonds for new fixed rate notes.

    • 07 Jun 2017
  • PowerChina, Far East Horizon seek perps as Tunghsu nears debut

    State-owned Power Construction Corporation of China and Sinochem-backed Far East Horizon are in the market with dollar-denominated perpetuals, while Tunghsu Group is making its international debut with a three year.

    • 07 Jun 2017
  • KAL lands safely with 3x covered dollar perp

    Korean Air Lines Co has sealed its first dollar note on a standalone basis, and the first high yield bond from the country since 2013, following a pulled deal last September. The $300m transaction was also a coup for BOC International, which became the first Chinese firm to act as the sole lead on a Korean offering.

    • 06 Jun 2017
  • Investors flock to rare GS Caltex transaction

    South Korea’s GS Caltex Corp bagged a $400m five year deal on Monday, securing buy-side support thanks to its credentials, despite a soft market backdrop.

    • 06 Jun 2017
  • Fantasia addresses refi needs with short-term bond

    Chinese developer Fantasia Holdings Group Co is in the market on Tuesday with an unrated short-term dollar note for refinancing purposes.

    • 06 Jun 2017
  • Blackstone, GIC backed Marble II seeks secured debt

    Marble II is looking to raise $500m from a senior secured bond, with fixed income investor meetings set to kick off this week in Asia, Europe and the US.

    • 05 Jun 2017
  • KAL, GS Caltex, SOCAM seek dollar funding

    Korean Air Lines is trying to take off with a new dollar bond following an aborted attempt in September last year. Also on Monday, GS Caltex Corp is out with a five year 144A/Reg S deal, while SOCAM Development has reopened its recent notes.

    • 05 Jun 2017
  • FWD, Far East Horizon mandate for perps

    Hong Kong’s FWD Group and Chinese leasing firm Far East Horizon are wooing investors for their respective perpetual deals, while Tunghsu Group Co is gauging interest for its debut international bond.

    • 02 Jun 2017
  • ESR nets $100m from perp as market headwinds take toll

    ESR Cayman sealed a $100m perpetual non-call three year on Wednesday, but the market remained a tad soft with investors being defensive when it came to risky names.

    • 01 Jun 2017

Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 CITIC Securities 38.46
2 China Merchants Bank Co 22.73
3 China CITIC Bank Corp 19.23
4 Industrial and Commercial Bank of China (ICBC) 8.74
4 Bank of China (BOC) 8.74

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Jun 2017
1 China International Capital Corp Ltd 7,142.62 32 6.46%
2 CITIC Securities 7,084.43 35 6.40%
3 Goldman Sachs 5,862.83 22 5.30%
4 UBS 5,062.96 30 4.58%
5 China Securities Co Ltd 4,866.64 27 4.40%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Jun 2017
1 HSBC 19,498.75 114 9.27%
2 Citi 16,632.93 100 7.91%
3 JPMorgan 12,891.37 69 6.13%
4 Standard Chartered Bank 10,679.29 69 5.08%
5 Morgan Stanley 9,451.45 45 4.49%

Asian polls & awards

  • RMB internationalisation: 10 questions for the market, part 2

    Every year, our sister publication Asiamoney carries out an Offshore RMB Poll. As part of that process, the magazine asks the market for its thoughts on important renminbi topics. In this third year, we received around 2,300 valid responses, up 3% on a year ago. The ten questions included a new one on the inclusion of onshore RMB assets in global indices. Here we present the answers to the final five questions.

  • RMB internationalisation: 10 questions for the market, part 1

    Every year, our sister publication Asiamoney carries out an Offshore RMB Poll. As part of that process, the magazine asks the market for its thoughts on important renminbi topics. In this third year, we received around 2,300 valid responses, up 3% on a year ago. The ten questions included a new one on the inclusion of onshore RMB assets in global indices. Here we present the answers to the first five questions.

  • Made in China: The best banks and deals of 2016

    You know who won, now find out why. GlobalCapital Asia and Asiamoney present the extended results of our 2016 China Deals and Investment Bank of the Year awards, recognising achievement both on and offshore.

  • Asia’s standout deals

    GlobalCapital Asia and Asiamoney present the extended results for our 2016 Best Country Deals. Discover why these bond, equity and loan transactions delivered outstanding outcomes for issuers and investors.

  • Aussie award winners: The best banks and deals of 2016

    The names have been announced, now find out why they stood out from the crowd. GlobalCapital Asia and Asiamoney present the extended results for our 2016 Australia Deals and Investment Bank of the Year awards, recognising achievement in equities, bonds, loans and investment banking.