Issuers from mainland China, Hong Kong and Macau are storming back into the offshore dollar bond market this year, driving total issuance to its highest level since 2022.
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Among them is Seazen Group, a struggling developer that tested the waters a few months ago with a US$300 million bond offering – the first such sale by a major private-sector Chinese developer since 2023.
Now it is looking for another bond deal. Once ranked among the country’s 10 biggest builders by contracted sales, Seazen aimed to sell two-year dollar notes with initial price guidance at 13.125 per cent, according to a person familiar with the matter. The deal could be priced as early as Tuesday, said the person. Seazen would use the proceeds to help repay existing debt and for general corporate purposes.
Seazen’s renewed interest in the dollar bond market highlights a reopening of channels that slammed shut during China’s unprecedented property crisis and economic slowdown. Because of the changing interest-rate environment, companies are now able to refinance at more palatable terms and potentially rebuild trust in sectors many global investors had deemed untouchable for years.
Corporate issuers from mainland China, Hong Kong and Macau have sold about US$80 billion in dollar notes so far in 2025, a 21 per cent jump from a year earlier, putting issuance on track for the strongest annual tally since 2022, according to Bloomberg-compiled data.
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A number of issuers, including CK Hutchison Holdings, China Ping An Insurance Overseas Holdings and several Chinese local government financing vehicles, were tapping the primary market on Tuesday as Super Typhoon Ragasa barrelled towards Hong Kong.