Corporate Bond Comments
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Singapore’s Pacnet has announced plans to issue up to $350m in senior secured guaranteed notes due 2018 to refinance existing debt and term loans. A deal may come as soon as next week, according to a senior debt banker on the deal.
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Bond dealers were gearing up for another busy week as issuers starting marketing a raft of new issues from Union Bank of India, Parkson Retail Group, and Tata Steel.
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San Miguel Corp returned to the international bond market after almost two decades away, selling the biggest deal ever offered by a privately-owned Philippine corporation — and managing to give itself flexibility with debt repayments by adding a call option after five years.
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China Datang Corp, Golden Wheel Tiandi and Lai Fung Holdings priced offshore renminbi deals on Thursday, taking advantage of the big cost saving available for issuers in the market — and ensuring that this week was by far the busiest for dim sum issuance since the start of the year.
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Sinopec has priced the largest US dollar-denominated deal from Asia ex Japan since 2003, shrugging off the lacklustre China data and the terrorist attack in Boston that had sent global credit markets wider this week.
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