HSBC

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 technology giant Tencent Holdings is taking feedback from global investors for a 144A/Reg S transaction, and is looking to hit the market on Thursday morning.

The European Investment Bank on Tuesday produced its largest dollar deal in nearly three years — and its biggest book in even longer — in what bankers said was a clear signal of the strength of demand in the currency. The Inter-American Development Bank is next up in dollars, and more supranationals could still enter the fray this week, with supply expected to keep at a rampant pace until mid-February.

Italian electricity supplier Enel sold its second green bond on Tuesday, repeating the timing of its first such offering in 2017, which it also sold in the second week of the year. The latest deal was the same size, but priced tighter and won a larger order book, despite printing with a longer maturity.

The Turkish sovereign has mandated three banks for its usual start of year dollar bond while Turkiye Sinai Kalkinma Bankasi released guidance for its note. But the latter drew criticism for going head to head with its sovereign.

Kuwait could become the latest Gulf Corporation Council sovereign to issue 30 year debt after its parliament approved a bill allowing the government to raise its borrowing ceiling to KD25bn ($83bn), and to issue international debt out to 30 years.

French telecoms operator Orange sold a new 12 year trade on Tuesday and paid a low new issue premium for the €1bn deal. The deal was one of three that priced on Tuesday, but only seven new issues for the year so far, meaning investors are keen to put their money to work.

GEA Group, a maker of equipment for the food processing industry in Düsseldorf, has launched a €150m dual tranche Schuldschein, hoping to attract a wide variety of investors.

Investors lapped up Longfor Properties Co’s $800m bonds on Monday, in a vote of confidence not just for the investment grade rated Chinese company but also the broader property industry.

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.

MLP Sağlık Hizmetler, also known as MLP Care, the largest private healthcare provider in Turkey, has begun investor education for its flotation on Borsa Istanbul, in which it hopes to raise about TL500m ($133m) of primary proceeds.