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◆ Fourth largest deal from any corporate in euros ◆ Concession needed to lock in size ◆ Marketed alongside debut Canadian dollar trade
Volumes and concessions are set to skip higher, hand in hand
◆ Safer credits prove popular in uncertain market ◆ Alliander sheds orders as it punches through fair value ◆ Argan ends near five year euro absence
Lull in dollar corporate supply supports spread levels
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Gansu Provincial Highway Aviation Tourism Investment Group, a Chinese local government financing vehicle (LGFV), secured a $350m bond on Thursday, proving that not all LGFVs are locked out of the dollar market.
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Beijing Capital Grand closed a successful $400m floating rate bond on Thursday, after waiting weeks for a market window. But the transaction fell flat in the secondary market after a bookrunner’s withdrawal from the trade spooked investors.
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South Korea’s steel company Posco returned to the dollar bond market on Wednesday, breaking a seven year hiatus. It easily locked up a $500m trade after investors lapped up the rare notes.
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Chinese property company Sino-Ocean Group Holdings rolled out a rare corporate floating rate bond on Tuesday, bringing home $700m after big demand from investors.
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Connect Plus (M25), the project company that manages the M25 motorway around London, has priced its first public bond issue, for £893m, to unwind interest rate swaps from 2009 and refinance part of a £1bn loan.
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BNP Paribas is combining its primary and secondary activities in US credit markets under a new Global Credit Markets Americas division, with a new head of leveraged finance joining from Deutsche Bank to bolster the firm’s offering.