UBS

FIG issuers decided against launching new deals on Monday, as market participants predicted that a recent bout of volatility could be the start of a longer term trend.

China Logistics Property Holdings Co (CNLP) and Future Land Holdings Co both sold bonds with less than one year tenors on Thursday, sidestepping the Chinese regulator’s tight handle on offshore fundraising.

Schiavona International Holdings has raised HK$833.5m ($106.6m) after offloading a block of shares in real estate developer Times Property Holdings, according to a source close to the deal.

Two Russian issuers forged ahead with plans to issue Eurobonds this week, despite increasing noise around Russian sanctions that threaten to push spreads wider.

Moscow’s Domodedovo Airport (DME) has named leads for dollar roadshows, potentially adding to the $2bn of supply from Russian issuers so far this year.

Chinese property developer Yango Group Co was forced to call off a $250m bond this week, amid heavy Asian dollar bond supply and a spike in US Treasury yields. But while market conditions played their part in the underwhelming demand for the deal, the issuer’s credentials were also called into question. Addison Gong reports.

Asia’s equity-linked market joined in the sub-one year bond party this week, as issuers and investors both found something to like in the structure. Two Chinese property developers successfully priced nearly identical 363-day deals, though they had slightly different results in the aftermarket. John Loh reports.

China Evergrande Group attempted the largest Asian convertible bond in nearly two decades this week. But after investors baulked, the company pulled off one of the starkest changes of direction to a live deal GlobalCapital Asia has ever seen, relaunching with a new structure, a smaller deal size and a bigger bookrunning group, writes Jonathan Breen.

China Evergrande Group made its debut in the equity-linked market on Tuesday, raising a hefty HK$18bn ($2.3bn) from a convertible bond — but not before slicing a third off the original deal size and rejigging its structure.

Equity investors have entered the New Year hungry for assets. Demand on deals has well exceeded initial volumes, leading to issuers increasing sale sizes.

Property developer China Evergrande Group opened books for a HK$23bn ($2.9bn) perpetual convertible bond on Tuesday evening, a deal that was much sought after by banks.

Future Land Development Holdings and Powerlong Real Estate Holdings sold their respective equity-linked notes with almost similar results on Monday. Both deals were fully increased and priced near the investor-friendly end of terms.