Morgan Stanley

The total issuance of investment grade corporate bonds in February was an underwhelming €14.8bn but the property sector has outshone all others in 2018 and this week was no different as investors had further diversification to consider.

The first of Hong Kong’s post-Lunar New Year IPOs got going this week. China Boqi Environmental Holdings hit screens with a HK$908m ($116m) transaction.

March could be the month Indian international bond issuance soars. Corporations from the country are ready to hit the offshore debt market as a weaker domestic market puts pressure on fundraising.

Baidu-backed video streaming service iQiyi and Chinese hotel operator GreenTree Hospitality Group are readying a pair of US IPOs for the end of March to raise a combined $1.7bn.

Dongfeng Nissan Auto Finance will be returning to the Chinese asset-backed securities market on March 8 with a Rmb4.5bn ($710m) dual-tranche deal on the interbank market — the largest transaction by a foreign name originator so far this year.

Investors interested in Chinese property bonds had plenty to choose from this week. Eight high yield real estate names raised more than $2.4bn in dollar bonds, with yields ranging from low-6% to over 10%.

Europe’s syndicated loans bankers say recent transactions highlight how cut-throat the market is for lenders, as the European Commission gets under way with a study on market practices.

French commercial property company Carmila returned to the investment grade bond market after two years away and received a positive response from investors for its longest maturity to date.

Four of the six deals in the primary market in Asia on Tuesday were from Chinese real estate companies. But despite the inevitable competitive dynamics between the trades, Modern Land (China) Co, Yuzhou Properties Company, Guorui Properties and Tahoe Group Co were all able to meet their targets.

Impro Precision Industries is seeking a Hong Kong listing with Morgan Stanley as the left lead and a sponsor alongside BOC International.

Koninklijke Philips, the Dutch healthcare technology group, cut its stake in Philips Lighting to 18.3% through an accelerated bookbuild on Monday night.

Central China Real Estate, Hubei Science & Technology Investment Group Co and Shui On Land jumped into the offshore debt market on Monday, getting ahead of a growing line of issuers.