Guotai Junan Securities Co

High yield investors are facing a unique proposition with Jiangsu NewHeadLine (NHL) opening books to a three year dollar bond on January 6, in what would be a rare high yielding credit that is linked to a local Chinese municipal government.

Dalian Port Co is waiting for market volatility to recede before completing an H-share placement that could raise around HK$5.83bn ($752.05m) based on its market capitalisation.

Asia’s debt capital market is set for a busy start to the year with both repeat and debut issuers looking to sell dollar offerings as early as this week.

Linzhou Jian Zong Construction & Engineering Co is planning to float in Hong Kong via Guotai Junan Capital as sole sponsor, having filed a listing application with the city’s bourse.

Bank of Zhengzhou has launched bookbuilding for its HK$5.56bn ($717.4m) Hong Kong IPO, with over half the book already covered by six cornerstone investors.

Chinese conglomerate HNA Group ventured into the dollar bond market on Thanksgiving and managed to raise $250m from a two times covered book.

Chinese pair Guangdong Rising Asset Management (GRAM) and HNA Group hit the dollar bond market on Wednesday as they look to wrap up their respective fundraisings ahead of the US Thanksgiving holiday.

Powerlong Real Estate Holdings returned to the dollar bond market following a hiatus of nearly three years, pricing a $200m deal inside its existing curve.

Beijing Properties and Miclyn Express Offshore (MEO) are making their inaugural foray into the offshore bond market with dollar-denominated offerings.

China Huarong Asset Management has lined up 15 banks for what will be its second outing of the year, while Beijing Properties is looking to make its offshore debut.

Future Land Development Holdings breathed some life back to the Asia ex-Japan high yield bond market this week with a red hot $250m bond that was close to 10x subscribed.

Primary activity has finally returned to the Asia ex-Japan high yield market following a hiatus of close to three months, with Future Land Development Holdings launching a deal on Thursday. While the pipeline remains thin, market participants are taking heart that not all is lost for the asset class, writes Rev Hui.