Shanghai Pudong Development Bank

China Resources Land is lining up the Panda bond market’s first deal after the Chinese New Year holiday. The Rmb6bn ($946.6m) three year bond, the biggest offer in the asset class in six months, may kick start a streak of onshore transactions, said onshore DCM bankers.

Modern Land (China) Co sold its third green dollar bond on Tuesday, as it remains the only Chinese green issuer from the high yield property sector.

Four of the six deals in the primary market in Asia on Tuesday were from Chinese real estate companies. But despite the inevitable competitive dynamics between the trades, Modern Land (China) Co, Yuzhou Properties Company, Guorui Properties and Tahoe Group Co were all able to meet their targets.

Bank of China, Industrial and Commercial Bank of China and Industrial Bank Co have raised close to $3.7bn from eight fixed and floating rate tranches in three currencies. But most of the portions had to offer a new issue premium, which ranged from a few basis points to as much as 15bp.

Asia’s debt market is heading into March at full speed with seven issuers opening new deals on Monday. Borrowers need to be quick on their feet and act promptly over the next month to get their bonds past the finish line, said bankers in the region.

Local government financing vehicles (LGFVs) from Fujian and Jiangxi braved the offshore debt market this week, after share prices across Asia and the US recovered from a bout of volatility. The two companies raised $500m between them.

Three Asian debt issuers launched dollar bonds on Wednesday, taking advantage of a respite from the market turmoil that all but shut the debt market earlier this week.

Mainland firms Light Year Holdings and Pacific Millennium Packaging Group are seeking approval to float in Hong Kong. They both filed draft IPO prospectuses with the city’s bourse on Monday.

Shanghai Pudong Development Bank is set to open its newly authorised UK branch for business next week, with initial plans for wholesale banking and vanilla securities trading.

Chinese investors welcomed the first Panda bond issuer from the Middle East with caution this week. The government of the Emirate of Sharjah sold a Rmb2bn ($317.2m) three year bond in the upper half of the coupon range.

The government of the Emirate of Sharjah is set to become the first issuer from the Middle East to enter the Panda market, after unveiling plans to raise Rmb2bn ($315.9m) from the onshore market.

Ronshine China Holdings sold a three year puttable bond at a 9% handle on Thursday, in a deal catering to reverse enquiry demand. But the issuer’s challenges are far from over, with high leverage, tight liquidity and ballooning refinancing needs putting pressure.