Citi
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Bank of China is gearing up for another milestone as it starts marketing China’s first green covered bond. While the structure of the dual recourse notes is unlikely to appeal to traditional covered bond investors, the trade underpins Beijing’s commitment to lead innovation in socially responsible financing. Lorraine Cushnie reports. -
Chinese logistics company ZTO Express priced its $1.4bn IPO on the New York Stock Exchange on Wednesday, marking the largest float from a Mainland firm in the US since 2014. And its successful listing is expected to boost the number of Chinese firms heading to the United States, writes Jonathan Breen.
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Credit Bank of Moscow looked set to test the limits of investor appetite for Russian bank paper on Thursday with the longest senior dollar deal from the jurisdiction since the start of the Ukraine crisis.
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Fixed income investors have plenty supply to choose from out of Asia with seven issuers venturing out on Thursday. Corporates joining the fray included property companies Shokai Group and Golden Wheel as well as Guangxi LGFV and Hong Kong’s Li & Fung.
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Seven deals launched Thursday as issuers came out in force to raise money ahead what is expected to be greater market uncertainty in November.
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A trio of issuers on Wednesday were able to tighten pricing or print above their minimum targets — or both — in another strong day for the dollar market.
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US pharma giant Merck reached for a long tenor on Wednesday, in the process reopening the market for ultra-long trades as it issued a 20 year tranche.
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The public sector market is making the most of what may be the year’s last attractive opportunity for benchmark issuance ahead of a risk laden November.
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The European Bank for Reconstruction and Development is set to test the five year part of the dollar curve — a tenor not attempted by many issuers over the last few weeks — as a French issuer opted for the tried and tested three year maturity and a German agency was able to increase a deal at that tenor from its target size.
