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

Rank Lead Manager Amount $m No of issues Share %
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4 Goldman Sachs 110,240.40 478 4.50%
5 Barclays 106,582.38 490 4.35%

Bookrunners of Euro Denominated Corporate IG Bonds

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2 Barclays 25,510.29 106 7.35%
3 Deutsche Bank 24,247.02 105 6.99%
4 SG Corporate & Investment Banking 21,202.74 113 6.11%
5 HSBC 19,467.45 94 5.61%

Bookrunners of European HY Bonds

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1 JPMorgan 8,469.76 69 8.01%
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5 BNP Paribas 5,941.97 66 5.62%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 37,132.38 289 10.76%
2 Citi 28,905.88 231 8.38%
3 Bank of America Merrill Lynch 28,846.52 251 8.36%
4 Goldman Sachs 24,953.24 183 7.23%
5 Barclays 23,148.60 155 6.71%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Barclays 28,102.94 134 6.34%
2 Deutsche Bank 28,087.32 104 6.33%
3 BNP Paribas 27,948.80 144 6.30%
4 HSBC 25,973.95 128 5.86%
5 Citi 23,312.66 103 5.26%