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◆ 12 year tranche is longest euro trade in weeks ◆ Issuer goes for price then size ◆ Some concession needed for dual trancher
Investors maintain orders as issuers push tight, although some limits are appearing
◆ Canadian retail chain lands euro bond close to equivalent dollars ◆ Some concession needed for first new euro line in two years ◆ Minimal attrition as issuer pushes through 100bp barrier
◆ Vier Gas almost six times covered ◆ RCI Banque increases size ◆ Pair price with minimal concessions
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China General Nuclear Power Corp (CGNPC) raked in $600m on Monday from its third green bond sale, benefitting from investors’ eagerness for investment grade paper. -
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.
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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.
