Guotai Junan Securities Co

Chinese issuers kept up their bond issuances on Wednesday, despite having to contend with the backdrop of the US-China trade war. Three borrowers raised a combined $840m, proving that investors are still buying a range of credits.

Shandong-based coal miner Yankuang Group Co was able to price a $500m tap almost 30bp inside where the existing notes were trading on Thursday, while E-House (China) Enterprise Holdings, a real estate services firm, also added $100m to an outstanding bond.

Chinese property developer Yango Group Co priced a $150m tap of a recent two year bond on Thursday at a level that 62.5bp inside where the original bond landed less than a month ago.

Three Chinese property companies courted high yield dollar investors on Wednesday, raising a combined $827m.

Three Chinese property companies raised a combined $1.625bn from international bond sales on Monday, continuing the flow of high yield paper into the offshore market.

Yuyao Shuncai Investment Holding Co returned to the market for its second dollar bond sale on Friday, raising $100m from the quick trade to cap of a busy week of new issuance.

Peking University Founder Group Co has raised $300m from an ultra-tight bond.

Three Chinese property companies battled in the primary market on Monday with competing supply. While high yield issuers have been able to sell bonds at ultra-tight prices of late, the weight of supply has started to force issuer’s to pay more to borrow.

Xinyuan Real Estate Co priced a $200m bond that came with a 14.2% coupon, as heavy supply continues to weigh on the Chinese high yield real estate bond market with both new issue concessions and secondary performance suffering.

Chinese real estate companies Kaisa Group Holdings, Jingrui Holdings and China SCE Group Holdings came to the market on Monday after announcing strong financial results for 2018 last week, raising $900m between them.

Chinese provincial government-owned Guangzhou Industrial Investment Fund Management Co (Sfund) saw a 14 times covered order book for its return to dollar bonds, while Yunnan Metropolitan Construction Investment Group Co was able to hit its $800m size target.

Sun Car Insurance Agency pulled its Hong Kong listing just hours after the end of book building, as the market waited for pricing. It is instead considering floating on the new Shanghai Science and Technology Innovation Board.