DBS

A slew of Chinese issuers are wooing dollar bond investors on Thursday, as Philippine company Petron Corp also competes for buy-side attention.

Chinese issuers BOSC International, a local government financing vehicle from Henan, Lai Fung Holdings and Hilong Holding are in the market with new deals on a busy day for issuance.

Country Garden Holdings Company (CoGard) and SEA Holdings are planning their comebacks to the offshore debt market, while Wharf Real Estate Investment Co is set to test its luck with accounts for the first time.

The response to Tata Motors' £640m ($839m) refinancing has been phenomenal, with the loan generating commitments exceeding $1bn, said bankers close to the situation.

Property developer Lai Fung Holdings will kick off a roadshow next week for a new dollar bond.

Reliance Industries has allocated its $2.49bn multi-tranche fundraising among 31 banks, with plans to transfer in the new lenders before the end of the year, said bankers close to the trade.

Three Asian issuers, China Fortune Land Development Co, Luso International Banking and Shandong Hi-Speed Group Co, sold their inaugural bonds on Thursday, taking home $1.15bn between them.

Chinese local government financing vehicles Huzhou City Investment Development Group Co and Urumqi Gaoxin Investment and Development Group Co brought home a combined $500m on Wednesday as issuers seal last-minute deals before the end of the year.

Shandong Hi-Speed Group Co (SDHS) and China Fortune Land Development Co are both taking bids for unrated three year dollar bonds on Thursday.

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.

Chinese local government financing vehicles (LGFV) Huzhou City Investment Development Group Co and Urumqi Gaoxin Investment and Development Group Co hit the market with dollar deals on Wednesday.

Three Chinese issuers hit the debt market on Tuesday, launching dollar deals. While the pace of new issuance is beginning to slow down, there appears to be no end in sight for the primary bond market.