Chinese property developer Evergrande’s Jiangsu branch. Photo: Handout

Chinese developer China Evergrande has became the largest borrower in Asia’s bond market, excluding Japan, after it’s latest retap of US$1 billion in bonds, Reuters reported.

The developer has issued US$6.6 billion in bonds so far this year, including those issued by its subsidiary Hengda Real Estate Group, it said.

The company on Monday announced that it had sold US$ 200 million three-year notes, US$400 million four-year bonds and US$400 million five-year bonds. The notes carry interest of about 9.5% to 10.5% per annum. Proceeds will be used to refinance existing indebtedness and for capital expenditures.

Previously, Chinese internet giant Tencent held the top position with US$5 billion borrowing in the bond market so far this year.

Including Japan, Evergrande is Asia’s second-largest borrower this year, with the top spot taken by Mitsubishi UFJ Financial Group, which has raised US$7.3 billion in bonds so far, according to Dealogic data.

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