Bank of Communications

It has been a rough week for Asia’s high yield issuers. But China Development Bank Financial Leasing Co showed that higher-rated names can still get plenty of demand, raising $1bn from a dual-tranche bond that appeared to price in line with fair value.

China Resources Land returned to the Panda market with the biggest deal this year, raising Rmb5bn ($740.9m) from a dual-tranche bond on Monday. CR Land sealed the deal just four days after rival Longfor Properties’ debut and faced similar pressure from investors to prioritise its shorter term notes.

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.

China Development Bank Financial Leasing Co (CDBL) has named banks to run its proposed dollar transaction, with investor meetings beginning this week.

Bright Food launched a three year euro bond in Asia on Tuesday, setting initial guidance at 140bp over mid-swaps. The Chinese food and drink producer had roadshowed for a three or five year issue in Asia and Europe last week.

Chinese investment banks and brokerages had a dazzling performance in Asian DCM during the first half, remaining the preferred choice for the country’s offshore issuers while also making big leaps in boosting their international client base. With their rise have also come increasing concerns around best market practices – but even these may soon be a thing of the past. Addison Gong reports.

China Jinmao Holdings Group sold a senior perpetual bond in a busy market on Thursday, and against a weak market backdrop after reports that the China Banking Regulatory Commission was ordering checks on lenders' loan exposures.

Property names China Jinmao Holdings Group and Shimao Property Holdings, along with India’s Adani Ports and Special Economic Zone, launched new dollar deals on Thursday.

Chinese issuers are dominating Wednesday’s debt market in Asia ex-Japan, with two issuers launching dollar deals and two investment grade corporates announcing roadshows for transactions.

Hong Kong-listed Fosun International has hiked the size of its syndicated loan to $806m-equivalent from $650m. The company raised the money in two currencies, with the final deal split between a $673m portion and a €118m tranche.

Export-Import Bank of China came to the market with a two-currency, fixed and floating rate transaction on Thursday, snapping up $918m-equivalent. Its outing followed downgrades on China’s sovereign rating and that of the issuer, but buy-side concerns were well contained.

The Republic of the Maldives raised $200m from its maiden international bond on Wednesday, pushing Asia ex-Japan G3 sovereign debt issuance to $9.7bn year-to-date — the second highest volume since 2010.