Shanghai Pudong Development Bank

Mitsubishi UFJ Financial Group (MUFG) has become the first Japanese issuer to tap the Panda bond market, crossing the finishing line on the same day as Mizuho Bank. The issuer focused on attracting local investors in its debut deal, raising Rmb1bn ($154m) from the onshore market.

Dollar investors had plenty of Chinese property bonds to choose from this week, with four issuers competing for their attention on Tuesday. But with no end in sight to the pipeline, companies will have to navigate the market carefully, or cough up a premium for their bonds.

Property companies Country Garden Holdings Co (CoGard), Times Property Holdings, Tahoe Group Co and Wharf Real Estate Investment Company hit the dollar debt market in force on Tuesday.

Activity in the Hong Kong loan market has made a robust start to the year, with a big loan for Chow Tai Fook entering syndication.

Wuhan State-Owned Asset Management Company (WSAM) and Hefei Industry Investment Holding (Group) Co added to the recent issuance momentum from Chinese local government financing vehicles, with each printing $300m bonds on Thursday.

A handful of Chinese issuers are set to go on roadshows next week to gauge investor interest for their offshore bonds.

The Province of British Columbia (BC) completed its second Panda bond on Wednesday, raising Rmb1bn ($150.9m) from a three year deal. The issuer went ahead with the deal despite rising yields in China – pushing the coupon to the top half of the guidance range.

Times Property Holdings sealed a $300m deal on Wednesday in a market that continued to prove difficult, while Orient Securities raised $500m from a 2022 bond to keep its investor base alive.

Universal Medical Financial & Technical Advisory Services has doubled its debut financing to $600m, with 13 banks joining in general syndication.

The barrage of Chinese debt issuers in the dollar market continued on Wednesday as four issuers ventured out with new bonds.

China South City Holdings and Wuhan Dangdai Science & Technology Industries (Group) Co grabbed a total of $600m from bonds on Monday, navigating a weak market backdrop to close their deals.

WuHan DangDai Science & Technology Industries (Group) Co is marketing its inaugural international bond. Separately, Xinyuan Real Estate Co is meeting investors this week for its second dollar bond of the year.