Chinese property issuers push out bond maturities as rates outlook clears up

Chinese property developers have started opting for longer tenors on their dollar bonds, as investors eagerly take on duration risk. As the interest rate outlook becomes clearer, the trend is set to continue — but only for a select few. Addison Gong reports.

  • By Addison Gong
  • 11 Jul 2019

Shimao Property Holdings had an impressive $5.7bn of orders at the peak for its seven year non-call four bond this week. Despite a 40bp tightening and the $1bn deal size, the final book still exceeded $5.4bn.

In the case of China Overseas Land and Investment (Coli), the company ...

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Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 Bank of China (BOC) 21.85
2 China Merchants Securities Co 14.67
3 Industrial and Commercial Bank of China (ICBC) 14.44
4 Agricultural Bank of China (ABC) 8.89
5 China Securities 7.41

Bookrunners of Asia-Pac (ex-Japan) ECM

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1 CITIC Securities 9,346.38 46 7.88%
2 Goldman Sachs 8,791.68 35 7.42%
3 Morgan Stanley 6,937.95 46 5.85%
4 China International Capital Corp Ltd 6,923.83 42 5.84%
5 UBS 6,281.96 46 5.30%

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1 HSBC 20,690.46 181 8.39%
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4 Standard Chartered Bank 10,112.16 101 4.10%
5 Bank of China 9,370.02 117 3.80%

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