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◆ Japanese financial services group's UK arm prints three year bond ◆ Orderbook falls as issuer prices 'very tightly' ◆ Week front-loaded ahead of ECB meeting
◆ Only euro IG corporate deal on Monday ◆ Issuer slashes the spread and increases size ◆ Single digit concession spotted
High yields are keeping investors interested for now
Spreads widen after string of surprise jumbo tech trades
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Hong Kong conglomerate New World Development Co printed its first green bond this week, raising $310m. While its green efforts were lauded, the company’s lack of rating kept many investors at bay. -
Indian state-owned Power Finance Corp had to abandon a new change of control language to keep investors focused on its $500m 10 year bond issuance, which was printed amid talks of a possible merger.
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As the Chinese offshore bond pipeline continues to build, it is inevitable that issuers will increasingly use anchor order support to get their deals past the finish line. But the reliability of this approach was thrown into question this week, writes Addison Gong.
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UK investors that buy US private placements often struggle to compete with North American investors on price, but their disadvantage could be made worse by Brexit, if, as expected, sterling bond spreads widen.
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Thai hotel operator Minor International had to get creative with its debut $300m bond, owing to its lack of rating and inaugural status. It looked abroad for inspiration, ultimately opting for a South Korean-inspired structure. Morgan Davis reports.
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Beijing Infrastructure Investment Co showed it is still possible for a Chinese local government financing vehicle (LGFV) to pay little new issue premium for a bond, but its move came at the expense of its order book dropping by a third.
