Banks
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BMW Finance, a subsidiary of German carmaker BMW, sealed a Rmb500m ($72m) three year dim sum bond on Thursday. It was the first publicly sold offshore renminbi trade by a corporation since November last year. -
China’s Excellence Commercial Property and Facilities Management Group is preparing to launch its Hong Kong IPO this month, according to a source close to the deal.
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Chinese local government financing vehicle Qingdao China Prosperity State-owned Capital Operation (Group) Co followed its peers to take an aggressive approach to pricing its $200m bond.
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Subordinated debt transactions in dollars from a trio of European banks left no doubts about the strength of the Yankee market this week. Bookrunners are encouraging issuers to execute trades in the asset class quickly, as they are unlikely to encounter better conditions before the end of this year, writes David Freitas.
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A pair of German sub-sovereigns had the primary public sector bond market to themselves this week, with each taking €500m at tight levels to their secondary curves.
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Carnival Cruises has launched a partial buy-back of the $2bn three year 5.75% convertible bond it issued in April to provide itself with more liquidity during the Covid-19 global pandemic.
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Investors appeared positive on Natixis's prospects after Nicolas Namias replaced François Riahi as chief executive. Meanwhile, the bank has said it will reposition its equities division after it endured another tough quarter.
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The State of Lower Saxony was the sole borrower active in the primary public sector bond market on Thursday as it raised €500m with a 10 year at a negative yield. The deal ended up comfortably subscribed in spite of a slow start to the book-build.
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Agricultural Development Bank of China’s Rmb4.3bn ($618m) dim sum bond this week brought in a record number of investors from outside of Asia, a senior treasury official told GlobalCapital China.
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Alibaba Health Information Technology navigated concerns around its lofty valuations to pull off Hong Kong’s largest primary follow-on in five years, raising HK$10bn ($1.29bn) after boosting the size of the deal. The transaction closed with a bulging book, showing that demand for the healthcare sector is yet to peak. Jonathan Breen reports.
