China International Capital Corp

China Tower Corp set the ball rolling for its Hong Kong IPO on Monday, filing a prospectus for a potential $10bn listing, according to a source close to the deal.

A handful of Chinese investment grade rated state-owned companies are gauging investor appetite for new deals amid a weak market backdrop.

Poly Property Group and Hong Yang Group Co raised funds from the dollar bond market last Friday, with the former opting for a tap of its outstanding paper and the latter going down the short-term note route.

The debt market in Asia ended the week on a muted note, with both investment grade and high yield dollar spreads widening amid a rise in US Treasury yields. The primary bond market was also quiet with no international issuance on Thursday and a lone Chinese issuer collecting bids on Friday.

Three firms have submitted their listing applications in Hong Kong as the city’s IPO filing season goes full steam ahead.

Hong Kong-listed Car was caught in the eye of an onshore storm this week as bond investors retreated after initial excitement over the central bank’s move to boost liquidity. But the borrower found joy elsewhere — from a visit to the dim sum bond market. Noah Sin reports.

Investors gave Car’s first Panda bond in a year the cold shoulder on Monday, forcing the company to shrink its deal. The red-chip borrower suffered as onshore investors retreated following initial excitement over the central bank’s announcement to boost liquidity and braced for the tax collection season.

Chinese property company Landsea Green Group Co closed its $150m bond on Friday afternoon following a two day bookbuilding process.

Landsea Green Group Co, a Chinese property company, is taking orders for a green dollar bond for a second day, having started bookbuilding on Thursday morning local time.

Chinese investment banking giant CICC returned to the dollar bond market this week, raising $600m from its first deal in almost two years.

Several Chinese real estate companies, including Sunac China Holdings and Central China Real Estate, took advantage of relatively stable markets to ride the dollar issuance momentum this week. But supply pressure meant that many saw their bonds then trade under water.

Four high yield property companies, Sunac China Holdings, Central China Real Estate, Jingrui Holdings and Yanlord Land Group, raised a total of $2.05bn on Monday, with some of them focusing on price and the others on size. But irrespective of their strategy, recent heavy supply pushed their bonds lower in the secondary market.