Haitong Securities

China Logistics Property Holdings Co (CNLP) and Future Land Holdings Co both sold bonds with less than one year tenors on Thursday, sidestepping the Chinese regulator’s tight handle on offshore fundraising.

Chinese property developer Yango Group Co was forced to call off a $250m bond this week, amid heavy Asian dollar bond supply and a spike in US Treasury yields. But while market conditions played their part in the underwhelming demand for the deal, the issuer’s credentials were also called into question. Addison Gong reports.

China Evergrande Group attempted the largest Asian convertible bond in nearly two decades this week. But after investors baulked, the company pulled off one of the starkest changes of direction to a live deal GlobalCapital Asia has ever seen, relaunching with a new structure, a smaller deal size and a bigger bookrunning group, writes Jonathan Breen.

China Evergrande Group made its debut in the equity-linked market on Tuesday, raising a hefty HK$18bn ($2.3bn) from a convertible bond — but not before slicing a third off the original deal size and rejigging its structure.

Property developer China Evergrande Group opened books for a HK$23bn ($2.9bn) perpetual convertible bond on Tuesday evening, a deal that was much sought after by banks.

Recent heavy supply in the Asian dollar bond market has found its first victim in Yango Group Co, which called off a planned $250m deal on Monday. While the Chinese developer’s high leverage raised some concerns, volatility in US Treasuries also played its part in the underwhelming demand.

China Cinda Asset Management Co has mandated 12 global co-ordinators and an additional 11 bookrunners and lead managers for its upcoming senior dollar transaction, with investor meetings and calls scheduled over the next two days.

Cifi Holdings raised HK$2.79bn ($356.7m) in short-term financing with the sale of a sub-one year convertible bond, priced at the tight end of guidance on Thursday evening.

Ronshine China Holdings sold a three year puttable bond at a 9% handle on Thursday, in a deal catering to reverse enquiry demand. But the issuer’s challenges are far from over, with high leverage, tight liquidity and ballooning refinancing needs putting pressure.

Indonesia’s Medco Energi Internasional and China’s GCL New Energy Holdings bagged $500m each from debt investors on Tuesday, showing the appeal of the commodities and renewable industries.

Chinese issuers Jinjiang International Holding, China South City Holding, Guangxi Communications Investment Group Corp and Tianjin Real Estate Group Co tapped the market for euro and dollar bonds on a busy Thursday.

Shanghai Pharmaceuticals Holding Co raised HK$3.1bn ($396.6m) through an H-share placement on Thursday, its biggest follow-on offering yet.