DBS

The MTN market for real estate developers in Singapore has sparked to life. This could be linked to the government’s relaxation of property market measures that took effect on March 11.

Lenovo Group priced a five year fixed bond and a subordinated perpetual non call five in a soft market on Thursday and on the back of disappointing third quarter results. But investors shrugged off any concerns and poured into the transaction.

Singapore-listed Ascott Residence Trust launched a fully underwritten renounceable rights issue this week, as OUE Commercial Real Estate Investment Trust raised funds via an overnight share sale.

Chinese high yield names KWG Property Holding and Kangde Xin Composite Material Group Co, as well as unrated Lenovo Group, launched dollar deals on Thursday morning — just one day after Indian high yield issuer Eros International pulled its bond because of weak demand.

Singapore-listed Ascott Residence Trust has kicked off a fully underwritten renounceable rights issue to raise S$442.7m ($313.7m), as it seeks to buy its first property in Frankfurt.

Lenders that have chipped in for Bank Negara Indonesia’s $750m facility can expect to be scaled back by close to 50% of their original commitments, said bankers close to the trade. Allocations are due to be announced in the next few days.

Singapore-listed commodities company Noble Group, ICBC International and China SCE Property Holdings were out of the gates on Monday morning for new dollar outings, coming before a widely expected Federal Reserve rate hike this month.

Singapore-based agricultural and commodities firm Olam International added variety to the debt market this week with a $300m bond that had an unusual tenor, as analysts were left divided over the final pricing.

Events, including a rise in the probability of a March interest rate hike and US President Donald Trump’s speech to Congress, did not hold investors back from jumping into deals from Grand China Air, China Aircraft Leasing Group (CALC) and Hong Kong Express Airways (HK Express) on Tuesday.

Borrowers that ventured out to the Asia debt market on Wednesday should consider themselves lucky as the competition turned fierce on Thursday with six live deals. Beijing Properties (Holdings) and China Everbright Bank Hong Kong were among the names that managed to get ahead of the supply deluge.

The strength of the primary debt market in Asia shows no signs of abating, with a number of borrowers heading out on Thursday for fresh dollar fundraisings.

Tuesday turned out to be a big day for aviation related companies with Grand China Air, China Aircraft Leasing Group and Hong Kong Express Airways venturing out with their respective bonds, raising a combined $810m.