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High yield

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  • Fosun International scored an additional $600m from a tap of its $800m 5.25% 2022s last Friday, making it the largest Chinese high yield non-property deal in almost three years.
  • As the perceived European political risk reduced following the results of the first round of French elections, Asian debt markets opened on Monday to a deal from India's HPCL-Mittal Energy (HMEL).
  • Want Want China Finance and China SCE Property sold $500m and $300m of notes respectively on Thursday, as both hit the market before the expected rush investment grade names next week.
  • China Merchants Port Holdings (CMP) successfully raised Rmb2.5bn ($363.4m) from a five year Panda bond on the interbank market on Thursday. The company is presenting the trade as a Silk Road bond, even though all of the proceeds will be used onshore.
  • Fosun International has opened a tap of its March-issued $800m 5.25% 2022s, following reverse inquiry.
  • China’s Times Property Holdings sealed a quick $225m deal on Wednesday to reach the upper limit on its offshore issuance cap for the year.