Citi
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Hindalco Industries’ Rp33.4bn ($500m) overnight fundraising was an unqualified success, with some $1.5bn of orders flooding in from global accounts, according to bankers on the trade. -
Hindalco Industries’ qualified institutional placement, which launched on Thursday night in India to raise up to Rp33.4bn ($500m), is set to price with no discount to the last close, bankers on the deal said.
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Corporate borrowers are taking advantage of rising political worry among investors by issuing short dated floating rate notes in euros which stand a good chance of bearing negative yields, write Michael Turner, Ross Lancaster and Jon Hay.
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The market for socially responsible investment (SRI) bonds is enjoying a burst of activity, as sub-sovereign borrowers from both sides of the Atlantic hit screens in green.
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The European high yield bond market has rebooted after a February in which US firms dominated sales, with so many local issuers now coming forward that high yield bankers have started worrying that March could be overcrowded if the entire deal pipeline materialises.
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The heat is on for IPOs in south-east Asia, with banks staging charm offensives towards investors during pre-marketing.
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Events, including a rise in the probability of a March interest rate hike and US President Donald Trump’s speech to Congress, did not hold investors back from jumping into deals from Grand China Air, China Aircraft Leasing Group (CALC) and Hong Kong Express Airways (HK Express) on Tuesday.
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Borrowers that ventured out to the Asia debt market on Wednesday should consider themselves lucky as the competition turned fierce on Thursday with six live deals. Beijing Properties (Holdings) and China Everbright Bank Hong Kong were among the names that managed to get ahead of the supply deluge.
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Tuesday turned out to be a big day for aviation related companies with Grand China Air, China Aircraft Leasing Group and Hong Kong Express Airways venturing out with their respective bonds, raising a combined $810m.
