The bonds will go on offer between June 13 and June 30 and will be the last batch of a record 165 billion baht issue planned for the current fiscal year

The move comes amid reports the government faces a cash shortfall of up to 6 trillion yuan (nearly $900 billion) because of the plunge in land sales and other tax revenue

The gap between 10-year yields on Chinese and US government bonds has vanished for the first time in more than 10 years

The issue will be one of the first by a Chinese developer this year in a US dollar bond market amid concerns about the health of the property sector after a series of defaults

The 5-year notes carry a coupon of 4.40%, while the 10-year notes have a 4.70% coupon, below the sovereign's initial price guidance

Exchange-traded funds and foreign mutual funds that invest in Chinese yuan bonds saw a record outflow – of $2.3 billion – in the week to May 18, according to Refinitiv Lipper data

Overseas investors held Chinese bonds valued at 3.77 trillion yuan ($558.77 billion) at the end of April, according to calculations, down 2.8% from a month earlier

The developer had been struggling to secure bondholders consent for the notes due in May and July 2022 totalling $729 million.

Zhongliang is struggling to repay notes worth $729m. Even if it wins approval to extend bond coupons by a year, it would need to pay an extra $1.25 million due to the weak yuan

The developer had been planning to use presale funds due to pay $29.5 million in interest on the bond that was required to be repaid last month

Chinese investors are pumping funds into bonds, deposits and the money market, as Covid lockdowns slow the economy – and stock markets slump

The move is aimed at helping companies better manage their debts and protect investors' interests, the National Association of Financial Market Institutional Investors said