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APAC Chart of the Week: Chinese HY-bond issuances with tenors less than a year touch new monthly high in January

APAC Chart of the Week: 3rd February 2021

The volume and number of USD high-yield bonds with tenors less than one year issued by Chinese companies touched a new monthly high in January.

A total of USD 2.89bn notes with tenors of 364-days or less were issued across 15 deals last month, exceeding the previous high of USD 2.19bn from eight deals recorded in February 2020.

Of the bonds printed last month, 97.2% were issued by Chinese real-estate developers and one was pharmaceutical company Wuhan Dangdai Science & Technology IndustriesUSD 80m 9% due-21 January 2022s.

Two property developers reopened their original 364-day notes the same month they issued them. Hopson Development Holdings, which priced its USD 400m 5.8% due-12 January 2022 notes on 6 January night, priced a USD 100m tap last Thursday (28 January), while Longjitaihe Property priced a USD 65m tap last Wednesday off its USD 100m 12.5% due-19 January 2022s issued on 15 January.

The overall USD HY-bond-issue volumes from PRC names were down 23.6% YoY at USD 13.34bn in January, despite an uptick in deal flow to 45 deals, from 42 in January last year.

Jason Huang-Jones APAC Data Manager Debtwire
Jason Huang-Jones APAC Data Manager Debtwire

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