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Market participants still hope to clear backlog before April
◆ Longer tranches earmarked for Hinkley Point C financing ◆ Books close at just under €11bn ◆ Single digit concessions offered
◆ Deal is the fourth EuGB labelled hybrid ◆ Issuer punches through fair value... ◆ ...and gets its tightest senior/sub spread
Abbott Laboratories plundered $20bn as it led a trio of drug companies which printed jumbo bonds as a deluge of supply in the dollar market ensured a red-hot end to the month.
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The City of London Corporation will raise £450m ($562m) of debt from its first US private placement deal, surpassing expectations. The debt will be issued under a green and sustainable financing framework. -
While the latest move from the National Development and Reform Commission (NDRC), restricting the use of the proceeds in offshore bonds by Chinese real estate companies failed to startle Asia’s bond market, a heavy supply of aggressively-priced deals is weighing on sentiment, writes Addison Gong.
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Hong Kong’s New World Development (NWD) sold an additional $400m of 6.25% senior fixed-for-life perpetual bonds on Wednesday, taking advantage of a “constructive” market for such structures.
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A busy day for bond issuance from Chinese property companies offered investors a dash of variety, as investment grade rated China Jinmao Holdings Group vied for attention amid a slew of deals from high yield credits including Kaisa Group Holdings.
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India’s Adani Ports and Special Economic Zone has bagged $650m from 144A/Reg S bonds to fund a tender offer of notes due next year, pricing the new issuance at a competitive level.
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Korea Western Power Co (Kowepo), the power supplier owned by state-backed Korea Electric Power Corp, sold $300m of three year notes on Monday, riding on strong demand from sovereign wealth funds and central banks.
