Citi

Prosus made a barnstorming debut in the European bond market this week, a day after an impressive dollar trade. The Naspers e-commerce vehicle, which attracts investment grade and emerging market investor interest, saw €13.5bn of demand for its €1bn deal.

A flexible approach to its $750m bond paid off for India’s Adani Ports and Special Economic Zone, which navigated weak market sentiment and demanding investors by changing its tenor, size and price expectations. Morgan Davis reports.

Mindspace Business Parks Real Estate Investment Trust wrapped up its Rp45bn ($601.3m) this week, treating India to its second listing in the asset class.

State Grid Corp of China, the world’s largest utility company, raised the equivalent of around $3.3bn from a four-tranche dollar and euro deal on Wednesday.

Chinese property companies Sunac China Holdings and Ronshine China Holdings came to the dollar market on Wednesday, both with four non-call two year bonds. But a smaller deal size helped Ronshine get away with a tight price.

India’s Adani Ports and Special Economic Zone proved its willingness to be flexible this week, changing its planned tenor and offering a decent concession to secure demand for a $750m bond.

Prosus made a barnstorming debut outing in the European bond market after Monday’s dollar trade, with the ecommerce and investment company that straddles investment grade and emerging market investor interest seeing €13.5bn of demand for a €1bn deal.

Korea South-East Power Co (Kosep) has printed a $300m sustainability bond, in part to tackle the impact of Covid-19, becoming the third issuer from the country to tap the socially responsible investment market this month.

China Everbright Bank Co relied on the syndicate team running its deal for a $700m floating rate note on Monday.

Blackstone-backed Mindspace Business Parks Real Estate Investment Trust has kicked off a Rp45bn ($601.2m) listing in India.

Prosus, the Dutch online consumer and investment company, pushed ahead with the dollar tranche of its planned multi-currency bond outing on Monday, with the borrower relying on the interest garnered during last week’s roadshow to smooth over jitters about the volatility in wider markets.

The New Development Bank will kick off a series of calls with investors on Tuesday to provide an update on its borrowing programme and plan its second dollar bond, which is expected to follow in the coming months.