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Bifurcation is emerging in how investors treat the hyperscalers
◆ 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
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Poly Real Estate Group Co, the investment-grade property arm of government-owned China Poly Group Corp, ended an near four year bond hiatus with a tightly priced transaction on Monday. But a volatile market and an aggressive narrowing in pricing caused a drastic drop in orders. -
Nordex, a German wind turbine manufacturer, began selling a €275m high yield bond this week as it plans to extend its debt maturities by taking out shorter-dated and floating rate Schuldschein paper.
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Bonds backed by standby letters of credit have fallen from grace, as tightening spreads in the dollar bond market and growing risk appetite among investors ensure that issuers can do without credit enhancement. Have SBLCs had their day in Asia? Addison Gong finds out.
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South Korea’s Hankook Tire Co grabbed $300m on the back of an impressive $2.3bn book on Wednesday in its debut international bond outing.
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Chinese state-owned Beijing Capital Group used a tried-and-tested approach for its bond return, replicating the structure of its debut deal a year ago. But its trade impressed nevertheless, priced with a negative new issue concession.
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Telefonica Deutschland has been forced to issue a second round of price guidance on its €150m Schuldschein issue after launching it in early January, after investors' demand was cooler than expected.
