Hengdeli, the retailer of Swiss watches in China, is marketing five-year securities at a yield of about 6.875 percent, while developer Longfor is offering 10-year bonds at about 7 percent, people familiar with the deals said. DBA Telecommunication (Asia) Holdings Ltd. is selling five-year debt yielding about 12 percent, a separate person said. All three prospective issues hold non-investment grade ratings.

Shimao Property Holdings Ltd. (813) led $3.6 billion of junk bond sales from Asia outside Japan in the U.S. currency this month, already the most since $3.9 billion was sold in all of March, data compiled by Bloomberg show. Average yield premiums on speculative-grade bonds dropped to 342 basis points more than Treasuries on Jan. 7, the least since August 2011, according to JPMorgan Chase & Co. indexes.

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