The APAC (ex-Japan) USD high-yield primary market started the new year on a strong note, with USD 7.67bn in the aggregated principal of bonds priced across 22 transactions during the 4 January week, recording the highest weekly deal number since at least 2013.

The volume was the third-highest weekly tally since 2013 - behind the USD 10.92bn priced from just five deals during the week of 19 June 2017 and USD 8.06bn from 20 deals in the week of 6 January 2020. In terms of deal flow, it surpassed a previous high of 21 deals during the week of 24 June 2019 when a total of USD 6.26bn was priced.

Of the USD 7.67bn printed last week, USD 6.42bn, or 83.7%, came from Chinese property developers, while the remainder was from Macau gaming operator Studio City Finance’s USD 750m 5% due-2029s and Indian non-bank financial institution Shriram Transport Finance’s USD 500m 4.4% due-2024s.

Only one deal was priced on 11 January -- Chinese developer Dafa Properties Group’s -- USD 180m 9.95% 364-day notes -- while at least two prospective issuers, Indonesian textiles maker Sri Rejeki Isman (Sritex) and Guangzhou Finland Real Estate Development (Fineland), are marketing their deals.

Jason Huang-Jones APAC Data Manager Debtwire