Citi
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Hong Kong's AIA Group has reopened Asia’s bond market for other quality credits by selling a $1bn deal that offered a generous new issue premium to attract investors. -
The euro market for SSAs has returned to life in impressive style, but borrowers outside the ECB’s asset purchase programme are meeting with a chillier reception than their European counterparts.
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The dollar market had looked sluggish, particularly in comparison to the volumes churned out in euros, but Tuesday's $4.5bn two year from Asian Development Bank indicates the market is back in working order.
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Carnival Cruises, the world’s largest leisure travel company, is rolling the dice on a coronavirus rescue package, launching a $1.25bn underwritten rights issue, $1.75bn convertible bond, and a $3bn dual currency high yield bond.
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CPPIB Capital hit the euro market on Monday, becoming the first SSA borrower not eligible for QE to access the market since the coronavirus outbreak shuttered the market. A fellow Canadian is set to follow suit.
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A string of well rated companies are preparing to issue bonds in the coming days, as syndicate desks are heartened by the continued ample demand from investors. Anheuser-Busch InBev, Volkswagen Financial Services and Thermo Fisher Scientific raised a total of €7.85bn in euros today, despite a rocky market.
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British Airways, the UK flag carrier, has extended its dollar revolving credit facility, as the coronavirus-ravaged airline industry continues to reinforce its finances.
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Investors flocked to African Development Bank’s Fight Covid-19 social bond on Thursday, allowing the supranational to print its own largest ever dollar deal, and its largest ever social bond.
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US companies have smashed the all time record for bond issuance this month, as they plundered the dollar market in a headlong dash for liquidity that continued on Thursday, even though a darker record was broken: 3.3m new unemployment claims, more than four times the previous highest.
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The Inter-American Development Bank on Thursday started marketing a five year sustainable development bond in Global format as it looks to become third SSA borrower to jump into the dollar market this week. But SSA issuers that fund in euros will unlikely be able to mirror join the party.
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New issue concessions have tumbled in the high grade corporate bond market today. French industrial gases company Air Liquide has rewritten this week's rules by pricing a bond through its own curve on Thursday.
