Guotai Junan Securities Co

Chinese city commercial bank Bank of Shanghai Co priced a rare bond backed by a standby letter of credit (SBLC) on Wednesday, seeing an over five times covered book but leaving a few basis points on the table.

A slew of Chinese issuers are wooing dollar bond investors on Thursday, as Philippine company Petron Corp also competes for buy-side attention.

Dollar investors had plenty of Chinese property bonds to choose from this week, with four issuers competing for their attention on Tuesday. But with no end in sight to the pipeline, companies will have to navigate the market carefully, or cough up a premium for their bonds.

Chinese issuers BOSC International, a local government financing vehicle from Henan, Lai Fung Holdings and Hilong Holding are in the market with new deals on a busy day for issuance.

Chinese real estate developer Zhenro Properties Group has bagged HK$3.99bn ($510m) after pricing its IPO near the top of guidance, according to a source close to the deal.

Power Construction Corporation of China (PowerChina), Bank of Shanghai subsidiary BOSC International Company and financial services firm Guangxi Financial Investment Group Co are testing investor appetite for new bonds.

Property companies Country Garden Holdings Co (CoGard), Times Property Holdings, Tahoe Group Co and Wharf Real Estate Investment Company hit the dollar debt market in force on Tuesday.

Chinese regional lender Bank of Gansu Co has covered the books for its Hong Kong IPO, which could raise HK$6.1bn ($783.9m) at the top of guidance, according to a banker on the deal.

Jiaxing City Investment and Development Group Co began marketing its first dollar bond on Thursday, following a roadshow earlier this week.

China Oceanwide International Financial has mooted a HK$18.3bn ($2.3bn) rights issue to be used mostly for its securities business.

Shangrao City Construction Investment Development Group (SCID) launched its dollar debut on Tuesday morning, while Jiaxing City Investment and Development Group Co kicked off a roadshow for its maiden deal.

Three Chinese issuers hit the market on Tuesday with dollar deals, but each saw a very different outcome. One company sealed a successful trade, another locked up a private placement style bond, while the third was forced to pull its transaction.