Corp - All articles

  • Vedanta builds war chest for corporate revamp

    Mining giant Vedanta Resources was back in the debt market on Thursday with a $1.2bn trade, giving further comfort to investors that it has not abandoned its plans to clean up its corporate structure.

    • 26 Feb 2021
  • Fantasia, Sunac find demand for new bonds

    Two Chinese property companies seized the market window on Thursday to raise a combined $802m from the bond market.

    • 26 Feb 2021
  • Size over price: Qingdao LGFV nets $600m

    Huatong International Investment Holdings Co, a Chinese local government financing vehicle, raised $600m from its bond on Thursday, but had to sacrifice a tighter price for a larger transaction.

    • 26 Feb 2021
  • Big guns defy sell-off as US high grade bonds hold firm

    The sell-off in the US Treasury and equity markets intensified this week as hopes rose of faster economic growth which could lead the Federal Reserve to taper quantitative easing. But that did not stop Japanese telecoms company Nippon Telegraph and Telephone Corp raising $8bn with its first dollar bond issue for nine years, amid a stampede for cheap funding.

    • 25 Feb 2021
  • NTT dials in blowout transatlantic trade

    Nippon Telegraph & Telephone Corp (NTT) had a storming outing in the bond markets this week, easily raising €1bn in Europe and $8bn on the other side of the Atlantic to refinance M&A bridge debt.

    • 25 Feb 2021
  • Investors dial in to Bharti Airtel's dollar return

    Indian telecommunication company Bharti Airtel found strong support from global investors for its bond this week, allowing it to raise more money than expected and price the $1.25bn deal at a tight level.

    • 25 Feb 2021
  • Castle Peak fires up third transition bond, bags $300m

    Hong Kong's Castle Peak Power Co sold its third energy transition bond on Wednesday, raising $300m and solidifying its leadership in the sector in Asia.

    • 25 Feb 2021
  • Guangzhou R&F makes quick comeback for $325m

    Guangzhou R&F Properties Co made a rapid return to the debt market this week for a $325m bond that proved popular with investors in the primary and secondary markets.

    • 25 Feb 2021
  • Investors demand premium from Aoyuan

    China Aoyuan Group had to pay up to sell a $350m bond on Monday, as investors demanded compensation for the property company’s low rating and the deal’s long tenor.

    • 23 Feb 2021
  • REC snaps up $500m from bond

    India's REC has raised $500m from a tightly priced bond that appealed to investors because of its relatively short tenor of 5.5 years amid volatility in the longer end of the yield curve.

    • 23 Feb 2021
  • Modernland asks for debt moratorium extension

    Indonesian real estate company Modernland Realty is still finding a way to tackle its debt situation, and has asked for another payment moratorium.

    • 22 Feb 2021
  • Korea Expressway readies dollar bond

    Korea Expressway Corp is in the process of hiring banks to lead a planned dollar bond transaction.

    • 22 Feb 2021
  • Singapore plants seeds for Orchid bonds

    The Singapore Exchange (SGX) and Brussels-based Euroclear Bank have teamed up to launch a new bond structure in Asia.

    • 19 Feb 2021
  • Pressure on Chinese real estate bonds to dent supply

    A recent bout of volatility in the secondary trading of Chinese high yield bonds means supply from lower-rated credits is expected to remain muted over the next few weeks. While stability has returned to the debt market, investors remain cautious, writes Morgan Davis.

    • 18 Feb 2021
  • Heavy industry way off track on climate, warns TPI

    The scope for investors to get behind decarbonising some of the most difficult industries was highlighted on Wednesday by a report showing that only 14% of leading heavy industrial companies are aligned with limiting global warming to 2°C by 2050.

    • 17 Feb 2021
  • Wapda readies debut dollar bond

    Pakistan’s Water and Power Development Authority (Wapda) is planning to sell its debut dollar bond in late March, in what would be a rare international corporate outing from the country.

    • 17 Feb 2021
  • Hong Kong bookbuilding crackdown: a step too far

    The Hong Kong regulator’s plan to overhaul the bookbuilding and allocation process for equity and bond deals has some worthy goals. But it is unnecessary for a market that has proven able to clean its own house.

    • 17 Feb 2021
  • HSBC picks new sustainability chief

    HSBC has appointed a group chief sustainability officer, Celine Herweijer, to lead its effort to fulfil its commitment to being a net zero carbon emissions bank by 2050.

    • 16 Feb 2021
  • China property bonds bounce back after difficult week

    Dollar bonds from high yield Chinese real estate companies tightened in the secondary market on Tuesday, after plummeting in the run up to the Lunar New Year break amid news from firms under liquidity pressure.

    • 16 Feb 2021
  • Bankers pin hopes on more ESG dollar bonds from India

    India’s well-established renewable energy companies have long been known for selling green bonds, but this week showed that new issuers are ready to join the fray — not just with green deals, but also with sustainability-linked transactions. Morgan Davis reports.

    • 11 Feb 2021
  • Chinese issuers debut ‘carbon neutrality’ bonds as emissions come in focus

    Six Chinese companies sold Rmb6.4bn ($994m) of ‘carbon neutrality bonds’ this week, supporting Beijing’s goal of net zero carbon dioxide emissions by 2060. The format could lead to a spike in international investor interest in China’s debt market. Addison Gong reports.

    • 11 Feb 2021
  • Chinese issuers debut ‘carbon neutrality bonds’

    Chinese bond investors welcomed the issuance of new ‘carbon neutrality bonds’ this week. Six companies raised a combined Rmb6.4bn ($994m) in the format, supporting Beijing’s goal of net zero carbon dioxide emissions by 2060.

    • 10 Feb 2021
  • India Toll Roads cashes in on debut bond

    India Toll Roads sold its first dollar bond on Tuesday, becoming just the latest issuer from the country amid an expected surge of supply this year.

    • 10 Feb 2021
  • Huafa Industrial sells 364-day bond

    Chinese property company Huafa Industrial Co Ltd Zhuhai raised $200m from the sale of a sub-one year note on Tuesday.

    • 10 Feb 2021
  • ReNew powers up green bond

    Solar and wind power company ReNew Power added further momentum to India’s green bond market this week with a new $460m deal.

    • 09 Feb 2021
  • UltraTech debuts with sustainability-linked bond

    India's UltraTech Cement sold Asia’s second dollar sustainability-linked bond (SLB) this week as the instrument steadily gains traction among issuers.

    • 09 Feb 2021
  • Roundtable: Asia high yield bonds poised for revival

    GlobalCapital and HSBC hosted a virtual roundtable in mid-January to discuss the blowout start to high yield bond issuance in 2021. Leading market experts highlighted how Asia’s debt markets have shifted — and how borrowers are positioning themselves for the rest of the year.

    • 09 Feb 2021
  • GCL finds approval for debt restructuring

    Chinese solar power company GCL New Energy Holdings has met the threshold needed to restructure its debt, following its default on a dollar bond at the end of January.

    • 08 Feb 2021
  • Jinchuan prints inaugural dollar bond

    Jinchuan Group Co, a state-owned enterprise from China's Gansu province, made its debut in the international market on Thursday with a $280m bond.

    • 05 Feb 2021
  • Fantasia adds $150m from tap

    Chinese property company Fantasia Holdings Group Co returned to the debt market this week for a $150m tap to meet some imminent refinancing needs.

    • 05 Feb 2021
  • SLBs gain Asian momentum with Surbana Jurong, Olam deals

    Sustainability-linked bonds conquered a new investor base this week, as the instrument spreads rapidly around the world. Surbana Jurong, an architecture and engineering consultancy indirectly owned by the Singapore government, brought the first such instrument to the Singapore dollar market, where it aroused keen interest.

    • 04 Feb 2021
  • Updated: Alibaba navigates China crackdown for bond

    Chinese company Alibaba Group Holding made its long-awaited return to the debt market this week, even as the country’s regulators turned up the heat on the e-commerce giant.

    • 04 Feb 2021
  • Indian Railways stays on track with $750m debt outing

    Indian Railway Finance Corp (IRFC) sold its first bond since its IPO this week, raising $750m.

    • 04 Feb 2021
  • Pertamina drills for $1.9bn bond

    Indonesian state-owned oil and gas company Pertamina raised $1.9bn from a two-tranche deal on Wednesday.

    • 04 Feb 2021
  • Second time lucky for Continuum with green bond

    Indian renewable energy company Continuum Energy Levanter made its debut in the dollar bond market this week, more than three years after pulling its initial attempt. However, it had to offer investors incentives to seal the $561m deal, writes Morgan Davis.

    • 04 Feb 2021
  • China Fortune Land’s bonds see rollercoaster ride after defaults on domestic debt

    China Fortune Land Development’s domestic and offshore bonds swung this week after the property company admitted to onshore defaults worth Rmb5.255bn ($813m), adding to ongoing concerns about its liquidity condition and access to funding. Addison Gong reports.

    • 04 Feb 2021
  • Chinese borrowers push into market ahead of Alibaba

    A handful of Chinese companies managed to hit the bond market on Wednesday for new deals, ahead of not just the upcoming Chinese New Year break but also the jumbo outing launched by Alibaba Group Holding on Thursday.

    • 04 Feb 2021
  • Surbana Jurong takes SLBs into new territory

    The march of sustainability-linked bonds continued on Wednesday, as Surbana Jurong, the architecture and engineering consultancy that has built more than 1m homes in Singapore, launched the first such deal in Singapore dollars and one of the first in Asia. It also comes from a new sector.

    • 03 Feb 2021
  • Lippo Malls sells $200m trade

    Lippo Malls Indonesia Retail Trust printed a $200m bond on Tuesday, with investors largely brushing off concerns about the hit to the borrower's business during the pandemic.

    • 03 Feb 2021
  • Investors snap up Cogo's 5yr bond

    Investors were eager to buy into investment grade rated property developer China Overseas Grand Oceans Group's (Cogo) latest dollar bond, pumping in $4.6bn of orders for the $512m trade.

    • 03 Feb 2021
  • GCL New Energy defaults on dollar bonds

    GCL New Energy Holdings, a Chinese solar power company, has failed to repay a $500m bond that was due on January 30.

    • 02 Feb 2021
  • Hyundai drives off with green bond

    Hyundai Capital Services used the green label on its dollar bond to its benefit when hitting the market on a relatively volatile day, managing to find about $4.75bn of demand for a $600m transaction.

    • 02 Feb 2021
  • China Fortune Land defaults on liquidity crunch

    Property company China Fortune Land Development has missed payments on Rmb5.255bn ($813m) of onshore debt, adding to concerns about its liquidity condition and access to funding.

    • 02 Feb 2021
  • Mongolian Mortgage Corp returns to lock up deal

    Mongolian Mortgage Corp (MIK), which was forced to pull its dollar bond last month after sudden political upheaval in the country, returned to the market on Monday to raise $250m.

    • 02 Feb 2021
  • Hainan Airlines shares plunge on reorganisation, profit warning

    The share prices of key subsidiaries of HNA Group took a beating on Monday after the beleaguered Chinese conglomerate announced a bankruptcy restructuring. One of its companies, Hainan Airlines Holding Co, also forecast $10bn of losses for 2020.

    • 01 Feb 2021
  • Asian bond flow set to continue but weaknesses emerge

    A blistering pace of supply in Asia’s dollar bond market in January is set to continue, with more borrowers preparing to print deals this week ahead of the Chinese New Year holidays. But DCM bankers say there are some signs of rising pressure.

    • 01 Feb 2021