Citi

A receptive market and generous pricing worked in favour of China’s Concord New Energy Group and Indonesia’s Sawit Sumbermas Sarana (SSMS) this week, as both managed to pull off debut dollar bonds two months after failed attempts. Morgan Davis reports.

South Korean mobile messaging platform Kakao Corp raised $1bn this week from an issue of Global Depository Receipts (GDRs), defying fears it would suffer from its link to a cryptocurrency exchange.

Sunny Optical Technology (Group) Company’s $600m bond debut tightened 15bp in the secondary market on its first day of trading, a clear sign of the rampant demand for technology credits. But despite the eye-catching tightening, even rival bankers thought the pricing was spot-on. Addison Gong reports.

Export-Import Bank of India has tapped five banks for a new dollar bond. Meetings with fixed income investors in Asia, Europe and the US kicked off on Thursday.

The Republic of the Philippines is marketing Asia’s first sovereign bond of the year, taking bids for a 10 year SEC-registered deal on Thursday.

Dollar SSA deals are showing little signs of a hangover from a public holiday in the US on Monday, with all three of Wednesday’s trades well over subscribed and pricing inside guidance.

Fibabanka has restarted a dollar bond issue that it postponed last year.

PhosAgro, a Russian phosphate-based fertiliser company, has released price guidance for a $500m 5.25 year bond that a banker away from the deal and an investor are calling “fair”.

China’s Concord New Energy Group and Indonesia’s Sawit Sumbermas Sarana (SSMS) sold their first dollar bonds on Tuesday, successfully completing transactions that were stymied just two months ago.

Kakao Corp, the South Korean mobile messaging platform, launched a Global Depositary Receipts offering of $1bn to the market on Wednesday.

Sunny Optical Technology (Group) Company priced a tight debut bond on Tuesday, with the notes tightening a further 15bp in secondary, showing the strength of demand for the technology sector. But despite the rally, pricing was considered spot-on by market participants.

Chinese corn oil manufacturer Shandong Sanxing Group Company and real estate developer Cifi Holdings (Group) Co raised a combined $500m on Tuesday, adding to the growing momentum in the Asia bond market.