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APAC Chart of the Week: Chinese HY issuers print more longer-dated bonds as primary market continues recovery

APAC Chart of the Week: 18th September 2020

The volume of longer-tenor USD high-yield-bond issuances by Chinese companies has surpassed that of shorter-term notes so far in 3Q20, reversing the trend in 2Q20, with the primary market continuing its recovery.

So far in 3Q20, USD 5.71bn bonds with tenors of more than three years to five years have been priced across 21 deals, outpacing the USD 5.04bn with tenors of one to three years from 19 deals. In the entire 2Q20, the volumes were USD 4.21bn and USD 5.13bn, respectively.

Also, USD 2.45bn bonds with tenors greater than five years have been printed by six issuers so far in 3Q20, compared with none in the entire previous quarter.

Times China Holdings Ltd on Tuesday (15 September) priced USD 350m, 6.2% 5.5NC3 bonds, its longest-tenor USD issuance. The previous longest-dated issuance from the Guangdong-based developer was its USD 300m, 6.6% 5.25NC3 notes issued in November 2017.

Chinese HY issuers have priced USD 15.5bn notes so far this quarter, 45.2% higher than the USD 10.68bn printed in the whole of 2Q20.

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

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