Citi
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The prospect of a blockbuster bond deal from US pharmaceutical group AbbVie was welcomed by dollar bond investors this week, after corporate issuance tumbled to its lowest monthly tally this year.
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Rates are low and keep getting lower, so investors are having to turn to higher yielding forms of debt to put their money to work and get a respectable return. Issuers, particularly in the Middle East, are happy to oblige as far as their regulatory capital needs will allow. -
Volkswagen has closed the books on the long-awaited spin-off of its truck division, Traton, at €27 a share, the bottom of the price range. It was a positive result for the company, according to sources speaking to GlobalCapital.
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BNP Paribas Cardif raised Rp16.88bn ($243.81m) after hiving off a 2.5% stake in SBI Life Insurance.
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Chinese online lender Qudian benefitted from active engagement with equity-linked investors to explain its business and growth potential to raise $300m from a popular convertible bond.
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Gansu Provincial Highway Aviation Tourism Investment Group Co priced a $300m bond that was over eight times covered at its peak, in yet another busy week for issuance from Chinese local government financing vehicles (LGFVs).
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A pair of emerging market banks placed MTNs this week. In Australian dollars, Banco del Estado de Chile printed a 10 year note on Tuesday, while on Monday, Qatar National bank placed short end dollar paper.
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Investors embraced the duration offered by Adani Ports and Special Economic Zone this week, snapping up its $750m trade and pushing the order book to a hefty peak of $4.5bn.
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South Korea’s Kookmin Bank has sold its maiden dollar-denominated Basel III compliant additional tier one bond, opting for a sustainability label to entice investors.
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New York-listed Qudian is seeking $250m from a convertible bond, with the company entering into capped call transactions with investment banks — an increasingly popular tool being used by issuers recently.
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Broader volatility could not interrupt Latin America’s rediscovered bond market momentum, as Mexican real estate investment trust (REIT) Fibra Uno tapped international investors for the first time in three years on Tuesday.
