ANZ

The benchmark US Treasury 10 year yield moved through the 3% level this week, creating what some say was unnecessary panic in the market. That was clearly reflected in the dollar bond issuance in Asia, with some borrowers ploughing ahead with well-received 10 year transactions and others ditching the tenor altogether. Addison Gong reports.

Pelabuhan Indonesia III, also known as Pelindo III, raised $500m from a single tranche five year bond on Tuesday after scrapping a 10 year portion that was also marketed.

Bookrunners revealed more than €3bn of new speculative grade deals from seven issuers in the European high yield market this week. Coupons are slowly widening in the primary market, but they are still hitting issuers’ pricing targets, said market participants.

Indonesia Eximbank has returned to bank lenders with a $950m loan, slashing pricing on all three of its tranches. It is making the most of a dearth of supply from other Indonesian borrowers, writes Pan Yue.

Bank of China (BOC) returned to the bond market with a Belt and Road blockbuster this week, raising around $3.2bn from a multi-tranche, multi-currency deal. Addison Gong reports.

Bank of China has priced bonds denominated in US dollars, euros and Australian dollars worth $3bn-equivalent, with another two tranches in New Zealand dollars set to be priced on Wednesday. The deal, sold under different branches of the bank, reflects the relentless bid for floating rate notes (FRNs).

Indonesia Eximbank is riding on the strong interest among bank lenders for its past fundraisings to launch a new $950m multi-tranche loan at razor-thin pricing levels.

A group of 23 banks opened syndication for Tata Steel’s $1.86bn dual-currency facility on Monday, but only after the deal went through numerous changes on its way to the market.

A year after selling a $3.1bn-equivalent four-currency, six-tranche Belt and Road blockbuster, Bank of China is making a comeback with another Reg S only bond to support the initiative.

Investec Bank plc has signed a A$150m ($115.3m) loan to refinance a loan signed in 2015, attracting a total of 18 banks to the deal — the majority of which came from Asia.

Adira Dinamika Multi Finance, an Indonesian finance company, has launched a $250m term loan into general syndication, about seven months after sealing its previous fundraising.

Lao Feng Xiang Jewellery Hong Kong has allocated its $200m debut loan among eight banks, with sole bookrunner ANZ keeping most of the facility on its books, according to sources.