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Property companies in Greater China raised more than $6bn from the bond market this week, sparking fears of indigestion. -
China Fortune Land Development tapped the bond market with a $530m two year deal, generating a final order book that was almost 10 times covered as it attempts to draw a line under a difficult 2018.
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Lease accounting changes known as IFRS 16 are rolling out through capital markets, with companies keen to reassure investors that, despite the new way of presenting their balance sheets, little has changed. But that’s not true for every firm and for some high yield issuers, the change represents a big loosening in covenant terms.
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Shriram Transport Finance Co raised $400m from first dollar bond on Wednesday, becoming the first Indian high yield borrower to tap the offshore market in just over a year.
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China’s Fujian Yango Group Co this week set out a dramatic rise in the coupon on an outstanding bond, in a bid to avoid an investor put in April. The move left market participants confused, with one calling it ‘very odd’.
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Chinese high yield borrowers have come to the market in droves this week. That continued on Wednesday, when three deals raised a total of $1.275bn.
