Guotai Junan Securities Co

Three high yield Chinese property issuers turned to the offshore bond market on Monday, raising $950m between them.

China Development Bank Financial Leasing Co had to tackle questions from investors and weaker market conditions to sell the first dollar tier two bond from a Mainland leasing company.

Power Construction Corporation of China (PowerChina) was back in the dollar market with a perpetual bond on Tuesday, nearly a year after its last deal.

Bond sales from Chinese issuers continued unabated on Thursday despite heavy supply in the first half of the week, with firms raising a combined $1.1bn from the debt market.

China’s Avic International Holding Corp raised $300m from its bond outing on Tuesday.

Times China Holdings raised $350m from a 5.5 year bond on Tuesday as a way to get ahead of its 2021 dollar maturities.

Henan Water Conservancy Investment Group sold its maiden $500m bond on Tuesday, adding to the high grade supply from China’s local government financing vehicles (LGFVs). But its deal was not easy, with the issuer having to navigate a handful of obstacles.

Bonds sold on Monday by Chinese conglomerate Dalian Wanda Group Co and property developer Logan Group Co have underperformed in the secondary market.

Chinese local government financing vehicle (LGFV) Guangzhou Metro Group Co priced a tight dual-tranche deal on Thursday, including a 10 year tranche for the first time, in a bid to take advantage of falling yields.

Chinese property developer Xinyuan Real Estate Co, whose outstanding bonds have suffered because of the Covid pandemic, opted for size over price for its $300m return this week.

Chinese local government financing vehicle (LGFV) Linyi City Construction Investment Group Co raised $300m from its inaugural transaction against a weaker market backdrop.

Chinese property developers China South City Holdings and Kaisa Group Holdings offered generous premiums for their bond outings this week in a bid to ensure strong aftermarket performance.