China International Capital Corp

Asia’s debt market is heading into March at full speed with seven issuers opening new deals on Monday. Borrowers need to be quick on their feet and act promptly over the next month to get their bonds past the finish line, said bankers in the region.

Tianli Education International Holdings filed a draft IPO prospectus with Hong Kong’s stock exchange on Tuesday, joining the ever-growing group of Chinese education firms listing in the city.

Morgan Stanley was sole bookrunner on two overnight sell-downs in Asia this week. One transaction was for its Taiwanese private equity arm in shares of CTBC Financial Holdings.

Chinese companies Xiamen Xiangyu Group Corp and Shimao Property Holdings each raised $500m on Tuesday, but saw different reactions to their bonds. While investors were keen on the former investment grade rated name, demand for the property industry is starting to see some pull back.

Peking University Founder Group Company and Bank of Communications Financial Leasing Co used keepwell deeds for their dollar bond sales on Thursday, paying a bit of premium for the structure.

Hong Kong-listed Sinopec Oilfield Service Corp has hired CICC, Citic CLSA Securities, Deutsche Bank and Guotai Junan to help raise up to HK$6.3bn ($805.7m) in new equity.

Chinese issuers Peking University Founder Group, Bank of Communications Financial Leasing Co, Geely Automobile Holdings and Jinjiang International Holding are meeting investors this week ahead of planned dollar and euro bond sales.

Dollar investors had plenty of Chinese property bonds to choose from this week, with four issuers competing for their attention on Tuesday. But with no end in sight to the pipeline, companies will have to navigate the market carefully, or cough up a premium for their bonds.

Property companies Country Garden Holdings Co (CoGard), Times Property Holdings, Tahoe Group Co and Wharf Real Estate Investment Company hit the dollar debt market in force on Tuesday.

China Everbright Bank has appointed CICC as the lead financial adviser and placing agent for an H-share placement that could be worth around HK$21bn ($2.7bn).

Guirenniao Co was forced to pull its dollar bond on Tuesday as a result of unfavourable market conditions, as thinning liquidity in Asia at the year end took a toll on the issuer.

Three Chinese issuers hit the market on Tuesday with dollar deals, but each saw a very different outcome. One company sealed a successful trade, another locked up a private placement style bond, while the third was forced to pull its transaction.