Investors demand hefty premium from Qinghai LGFV

China’s Qinghai Provincial Investment Group Co was forced to pay up around 75bp in new issue premium to complete a $250m bond on Friday, as investors voiced their scepticism about the low rated issuer.

  • By Morgan Davis
  • 19 Mar 2018


Last week’s market was rough for all high yield issuers, as nervous investors demanded hefty new issue premiums in the primary market. For instance, China’s —/B/B rated Xinyuan Real Estate Co paid up more than 60bp to close a $200m 9.875% two year deal.

“The market ...

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Panda Bonds Top Arrangers

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1 Bank of China (BOC) 21.85
2 China Merchants Securities Co 14.67
3 Industrial and Commercial Bank of China (ICBC) 14.44
4 Agricultural Bank of China (ABC) 8.89
5 China Securities 7.41

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1 CITIC Securities 9,346.38 46 7.81%
2 Goldman Sachs 8,791.68 35 7.35%
3 Morgan Stanley 7,131.69 47 5.96%
4 China International Capital Corp Ltd 6,923.83 42 5.79%
5 UBS 6,281.96 46 5.25%

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1 HSBC 21,140.46 182 8.46%
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5 Bank of America Merrill Lynch 9,668.56 74 3.87%

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