China
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Sichuan Languang Development made a quick return to the market on Thursday, tapping bonds it sold in April in what was its fourth outing since debuting in the dollar market last September. -
In this round up, China floated rare earth exports as a weapon in its trade war with the US, May’s PMI fell across the board and the People’s Bank of China (PBoC) activated a fund to protect domestic depositors’ savings
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ESR Cayman is poised to launch its Hong Kong Stock Exchange IPO next week.
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Portugal attracted strong domestic interest on Thursday when it became the first issuer from the eurozone to enter the Panda bond market. Other borrowers from the eurozone are set to follow in its path, including Austria, as issuers look to broaden their investor base and develop the Panda market.
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Portugal sold its long-awaited debut Panda bond on Thursday, becoming just the third European sovereign and the first from the eurozone to tap China’s bond market.
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Chinese e-commerce and tech behemoth Alibaba Group Holding is planning its second listing, which will most likely be on the Hong Kong Stock Exchange. Amid uncertainty and volatility from the US-China trade war, the move is being hailed as a long-overdue homecoming. Gina Lee reports.
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Chinese authorities took over Baoshang Bank this week, the first time the state has taken control of a financial institution in two decades. Despite the central bank promising to guarantee most deposits held by Baoshang, yields on similarly rated banks’ outstanding short-term debt jumped as issuance volumes tumbled — leading the central bank to take the ‘unusual’ move of injecting liquidity into the market for three consecutive days. Rebecca Feng reports.
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South Korean oil refiner GS Caltex Corp raised $300m from a senior bond on Wednesday.
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Bigger is not always better. Just ask Huarong Asset Management, which appointed 30 banks to manage a deal that caused headaches for bankers and investors alike.
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Agile Group Holdings raised $600m from its latest perpetual bond sale on Monday. But the execution of the transaction came under fire from bankers away from the deal, and those on the trade admitted that things did not go as planned.
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Equity markets turned volatile again this week as trade tensions between the US and China escalated further, making accelerated equity sales more difficult.
