Nomura
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Four high yield property companies, Sunac China Holdings, Central China Real Estate, Jingrui Holdings and Yanlord Land Group, raised a total of $2.05bn on Monday, with some of them focusing on price and the others on size. But irrespective of their strategy, recent heavy supply pushed their bonds lower in the secondary market. -
The International Development Association, part of the World Bank Group, is on screens with its debut bond issue. The trade is offering a handful of basis points over seasoned World Bank Group issuer the International Bank for Reconstruction and Development (known as World Bank), according to bankers away from the mandate.
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Chinese property developers are rushing to sell dollar bonds as momentum picks up and the market stabilises. While heavy supply is weighing on investors’ minds, their familiarity with the sector and issuers’ willingness to pay up may be able to safeguard the deals.
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Nomura’s head of equity syndicate for Asia ex-Japan Ortwin Gierhake is no longer with the firm, sources close to the matter said.
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Yuexiu Property Company priced a two-tranche dollar bond on Thursday but decided to ditch a potential offshore renminbi deal. Separately, Peking University Founder Group Co returned with another bond with a keepwell structure for $425m.
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SSAs in the dollar market had largely failed to impress this week, providing only a single dollar benchmark. However, one Washington supranational changed that with a remarkable deal on Thursday.
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The dollar market had largely failed to impress this week, providing only a single dollar benchmark. However, one Washington supra changed that with a remarkable $4bn deal on Thursday.
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A rare name will grace the dollar market on Tuesday, coming ahead the minutes of the Federal Open Markets Committee meeting, expected to be released on Wednesday.
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Peking University Founder Group Co, BOC Aviation and Yuexiu Property Co are meeting investors for their upcoming bond plans, while China National Chemical Corp’s Swiss subsidiary Syngenta is also gearing up for a mega deal.
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Crystal Crop Protection has filed for a Rp10bn ($150m) flotation in India that will raise both primary and secondary equity.
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Mannai Corp, a Qatari conglomerate, looks set to bring the first public bond from the country since the Gulf diplomatic crisis erupted last summer.
