China Minsheng Banking Corp

Chinese property developer Country Garden Holdings was forced to pull a Rmb1.8bn ($281.2m) three year Panda bond this week after investors demanded a better return amid rising volatility, writes Noah Sin.

Onshore investors forced red chip issuer Country Garden Holdings to pull a Rmb1.8bn ($281.2m) three year bond on Tuesday. It would have been the real estate company’s first deal in the Panda market since September 2016.

Property developer Country Garden Holdings is planning a return to the Panda bond market on Friday, after approaching onshore investors with a Rmb1.8bn ($279.8m) three year bond. It will be the first time the company has sold a Panda in the interbank bond market.

Two issuers from the Guangxi province of China, Guangxi Financial Investment Group Co and Guangxi Communications Investment Group Corp, are hitting the dollar bond market for funds.

Shangrao City Construction Investment Development Group (SCID) has grabbed $300m from its debut international bond in the quiet December market.

China New Higher Education Group has become the latest of a string of companies from the education sector to access the offshore loan market for funds. While Chinese education firms have mostly been well received by banks, market observers cautioned against drawing broad-brush conclusions. Reputable schools with scale will still be a top pick for lenders, while their lesser-known peers may find frostier conditions. Shruti Chaturvedi reports.

Guirenniao Co was forced to pull its dollar bond on Tuesday as a result of unfavourable market conditions, as thinning liquidity in Asia at the year end took a toll on the issuer.

Shandong Hi-Speed Group Co (SDHS) and China Fortune Land Development Co are both taking bids for unrated three year dollar bonds on Thursday.

Three Chinese issuers hit the market on Tuesday with dollar deals, but each saw a very different outcome. One company sealed a successful trade, another locked up a private placement style bond, while the third was forced to pull its transaction.

China New Higher Education Group is making its debut in the international syndicated loan market with a HK$1.5bn ($192m) financing.

Three Chinese issuers hit the debt market on Tuesday, launching dollar deals. While the pace of new issuance is beginning to slow down, there appears to be no end in sight for the primary bond market.

India’s Rural Electrification Corp is one of the few non-Chinese issuers laying the groundwork for a new dollar bond before the end of the year.