UBS

China Chengtong Holdings Group debuted in the debt market on Tuesday, sealing a tight $500m deal as the state-owned operating company transitions to a new entity. But its foray wasn’t without questions, as bankers and investors debated the unrated credit’s status as a corporate or a financial.

China Chengtong Holdings Group, a pilot state-owned operating company, is offering investors a taste of its inaugural deal, launching a five year bullet on Tuesday.

Maiden dollar issuers China Logistics Property (CNLP) and Future Land Holdings Co are attracting bids for new bonds, adding to the high yield issuance from the Mainland.

Limacorporate, the Italian maker of orthopaedic implants, is set to keep the euro high yield new issue market in motion with a floating rate bond deal, which unusually will be used to repay the loans that funded its buyout by EQT from Ardian.

An issuance vehicle behind Panamá’s proposed second metro line, which saw construction begin in October 2015, is looking to sell $619m of senior secured notes on Monday after announcing initial price thoughts of low 4%.

ZhongAn Online Property and Casualty Insurance Co is gunning for a valuation of up to $10bn in its Hong Kong IPO as bankers tout its China new economy credentials.

After Monday’s British flavour to corporate bond issuance, German real estate company, Grand City Properties brought the only new issue in the market on Tuesday, as part of an exercise to extend the average maturity of its debt.

Asian bond investors reclaimed some of their power this week, but the coup was far from bloodless. Three single-B rated issuers were forced to pull planned dollar bonds. Morgan Davis and Addison Gong report.

Single-B rated bond issuers in Asia got a major setback this week, with three debut credits pulling their planned dollar offerings. There were plenty of reasons for their failures, but bankers say the cancellations reflect a debt market transitioning from one dancing to the tune of borrowers to one being dictated by investors.

After Monday’s British flavour to corporate bond issuance, German property company, Grand City Properties, and French food services company, Sodexo, brought deals to the market on Tuesday. Grand City printed a €600m nine year new issue and Sodexo tapped its €600m 0.75% April 2027 deal for €200m.

First-time issuers China Chengtong Holdings Group and China Logistics Property Holdings Co are preparing for their dollar fundraisings, tapping banks to lead their respective offerings.

China Development Bank Financial Leasing Co is back with its second dollar bond, following its international debut in November 2014. Financial leasing firm Lionbridge Capital Co is also looking to price its debut deal on Tuesday.