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Agile Property Holdings was out in the market with its debut dim sum bond on Friday, joining a host of other repeat issuers and making the most of cheaper funding opportunities. -
China Properties Group’s dollar bond had still not materialised by Thursday afternoon, despite announcing price guidance on Wednesday morning. The borrower’s fundraising plans have faced a number of setbacks, as earlier this week it had told investors it was issuing an offshore renminbi bond.
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Italy’s largest bank, Intesa Sanpaolo, had a good response to its debut dim sum this week but restricted European orders as it sought to build an Asian investor base. The borrower also capped the size at Rmb650m ($106m) as it needed to pay a premium over its euro curve.
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Shui On Land proved that investors are still hungry for quality Chinese property credits, as it received a sizeable orderbook for what is the third biggest dim sum bond this year.
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Chu Kong Petroleum & Natural Gas Steel Pipe Holdings was forced to cancel its debut dim sum bond this week, two days after issuing initial guidance. Sole bookrunner DBS struggled to price the deal as weak credit fundamentals meant the company failed to attract enough investors.
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Demand for Beijing Energy’s credit enhanced $300m three year bond this week was fuelled by a rare opportunity to gain exposure to Agricultural Bank of China risk — and a growing feeling that standby letters of credit (SBLC) structures may soon by banned by the regulator.
