Guotai Junan Securities Co

Chinese real estate company Kaisa Group Holdings chose to go down the 144A route for its latest bond, raising $400m from a deal that hit the higher end of its size expectations. But bankers say it is unlikely many issuers will follow suit. Addison Gong reports.

Chinese real estate company Kaisa Group Holdings chose to go down the 144A route for its latest bond, raising $400m from a deal that hit the higher end of its size expectations.

Property manager Sichuan Languang Justbon Services Group has raised HK$1.59bn ($202.3m) from its IPO, after a surge of demand from institutional and retail investors, according to a source close to the deal.

Chinese homebuilder Jiayuan International Group dipped into the market again on Friday, selling a $200m bond.

Yancheng Oriental Investment & Development Group Co raised $360m from a bond on Thursday, while another Chinese government-owned issuer, Shandong Shipping Corp, priced a $200m three year deal.

Sichuan Languang Justbon Services Group, a property management company, has kicked off a short IPO roadshow, aiming to raise up to HK$1.67bn ($213.4m) from a Hong Kong SAR listing.

A number of dollar bond issuers in Asia have moved to reopen their existing notes and add more funds to their coffers ahead of a week-long holiday in China for National Day.

Chinese real estate firm Zensun Group and local government financing vehicle (LGFV) Guangxi Liuzhou Dongcheng Investment Development Group Co have sold their first dollar bonds, but had to manage their expectations on a busy day for issuance.

A range of Chinese issuers, including two property developers and a local government financing vehicle, have raised funds from the dollar bond market.

Chinese local government financing vehicles (LGFVs) Tianjin Binhai New Area Construction & Investment Group Co and Changde Urban Construction Investment Group Co both relied on anchor support for their dollar bonds, after recent negative headlines about the sector.

Chinese issuers Country Garden Holdings Co, Guangxi Communications Investment Group Corp and Shuifa Group, all of which have investment-grade ratings, have sold well-supported dollar bonds to investors.

Six Greater China borrowers, including Industrial and Commercial Bank of China (Macau) and an unrated property developer, have wooed bond investors to their new dollar deals.