DBS

It’s a week for issuance from Chinese local government financing vehicles (LGFV), with two firms hitting the market on Wednesday and a third company meeting fixed income accounts in Hong Kong.

Supply from China’s Qingdao city is continuing strong, with Qingdao Conson Development (Group) Co becoming the latest company to head to the international bond market.

India’s Rural Electrification Corp is one of the few non-Chinese issuers laying the groundwork for a new dollar bond before the end of the year.

A two-part loan for Singaporean private equity firm Capital Square Partners’ acquisition of business process outsourcing company Aegis has entered into general syndication.

A handful of Chinese issuers are set to go on roadshows next week to gauge investor interest for their offshore bonds.

Huarong Real Estate Co and Fosun International approached investors with different trades on Tuesday, with the former nabbing €500m from its inaugural offshore bond and the latter taking $300m from an opportunistic deal.

Sasseur Reit will put off launching its S$500m ($366m) IPO in Singapore until early next year, according to bankers close to the matter.

Two companies from China’s Qingdao city are preparing to head offshore, just one week after a local government financing vehicle (LGFV) from the area bagged a $800m bond.

Emirates Sembcorp Water & Power has opened books on its $400m amortising note. Some market participants say the move signals the next phase of GCC fiscal rebalancing as governments look to offload fully operational infrastructure projects onto international investors, though others are sceptical that the trend will really take off.

CapitaLand Retail China Trust is turning to equity investors to help fund its property acquisition in China, launching a S$104m ($77m) overnight placement on Tuesday evening.

Indian company TVS Logistics Services has approached the international loan market for a $153m-equivalent financing, with participants invited to commit in dollars and sterling.

Chinese issuers are yet again dominating the supply in Asia ex-Japan debt markets, with four firms wooing dollar and euro bond investors on Tuesday.