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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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Peking University Founder Group Co raised $250m in a two year bond trade on Wednesday, using up the last of its offshore issuance quota, and shaking off investor concerns about its ongoing litigation. -
Pfizer has agreed to buy US compatriot Array Biopharma for around $11.4bn in enterprise value in a heavily debt-driven acquisition. This has led to warning shots from the rating agencies.
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Korea Electric Power Corp (Kepco) made a remarkable return to the debt market on Monday, selling a $500m green bond as its first public dollar deal in 15 years.
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Xi'an Municipal Infrastructure Construction Investment Group Corp has sealed a seven times subscribed bond to refinance an upcoming maturity. The deal was the first to price after China announced measures to curb local government debt by restricting new offshore issuance from their financing vehicles.
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A UBS economist’s allegedly offensive comment about "Chinese pigs" has ensnared the Swiss bank in a series of unfortunate events, including being kicked off a planned dollar bond deal for China Railway Construction Corp. The backlash is overblown but serves as a warning for banks dealing with China.
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Dutch agency BNG via DZ Bank has placed the first ‘smart n-bond’, a Namensschuldverschreibung (NSV) issued through digital platform European private placement facility (eppf). Participants hailed this transaction as a step towards a functioning pan-European private placement market.
