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Conservative tenors likely to be in demand when issuance resumes
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
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Local government financing vehicle (LGFV) Zhongyuan Yuzi Investment Holding Group Co priced a $500m deal that was nearly six times covered, a year after cancelling a planned issuance, thanks to a combination of prudent execution strategy as well as improved sentiment on the sector. -
Forth Ports, the port operator with headquarters in Edinburgh, is marketing prospective US private placements this week.
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China Railway Construction Corp has priced an unusual $1bn subordinated perpetual bond, with more issuers expected to adopt a similar structure in the wake of new guidelines on accounting treatment for corporate perps.
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Chinese local government financing vehicles (LGFVs) and property developers took advantage of positive sentiment after dovish comments from the Federal Reserve to flood the offshore market with bonds.
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China’s recent measures to curb local government debt by restricting new offshore issuance from their financing vehicles led to one of the busiest weeks for the sector, as companies raced to beat the June 30 deadline when their regulatory quotas expire, writes Addison Gong.
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Agrana, a food producer headquartered in Vienna, is marketing a Schuldschein where its floating notes are some 20bp inside the fixed note offering. Two market participants said they had never seen this before.
