HSBC

A double digit rally in Chinese property bonds has tempted Agile Property Holdings back into the market for the first time in over a year. Since its previous outing it has been forced to extend the deadline on a loan, seen the departure and return of its chairman and suffered a credit rating downgrade. Despite that, the borrower is likely to opt for price over size, said bankers.

Two Chinese investment grade credits went head-to-head on May 12 in what was gearing up to be a busy day for Asia’s bond markets, with four dollar trades vying for investors’ attention.

Korea Development Bank has made a bold return to dollar bonds in a deal that bankers claim scored one of the tightest ever spreads for a Korean name. The pricing drew plenty of criticism, but the deal’s defenders are hailing the trade as a success, preferring to focus on the quality of the order book.

Hong Kong listed Chinese company Texhong Textile Group has increased the size of its loan to $110m from a launch size of $90m. The deal, which had three mandated lead arrangers and bookrunners, saw four banks come in during general syndication.

Taiwan’s United Microelectronics Corp raised $600m with a convertible bond on Monday May 11, in one of the biggest equity-linked deals in the country for years.

Würth, the leading maker of screws and other fastenings, opened the week’s corporate bond issuance in Europe with Monday’s sole corporate deal, drawing a solid order book at a skinny new issue premium.

A pair of core eurozone agencies are set to dip into the short end of the dollar curve on Tuesday, but more issuance could come further out the curve.

J Sainsbury, the UK supermarket chain, has refinanced a trolley of loans, removing covenants and securing the loans on its properties, after announcing its worst earnings for a decade last week.

DP World, the Dubai-based global container ports operator, has released price guidance for a dollar benchmark five year bond at 180bp over mid-swaps.

Mexican peso issuance levels could rise if the euro's volatility stays at levels it hit last week, said syndicate bankers, as World Bank tapped the currency with a private green bond.

Sinochem Hong Kong has chosen four banks to lead its $500m refinancing loan, with the banks planning to widen the syndicate in the near future.

Korea Development Bank (KDB) is out in the international debt market this week, hoping to receive better reception than its last dollar bond in September 2014.