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◆ Telecoms firm takes €1bn across two legs ◆ No to negative premiums offered ◆ Real money sticks as fast money falls out
◆ Real estate firm takes £400m on second outing ◆ Single digit concession needed ◆ Elevated sterling yields putting off potential issuers
◆ Food group issues euros to finance dollar tender ◆ Low single digit concession offered ◆ Dairy firm Arla preps euro debut
Estonian sovereign outing its first under local law
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Wuxi Construction and Development Investment Co kept momentum going for Chinese local government financing vehicles, pricing a new $300m three year bond on Monday. Onshore bank treasuries drove the transaction but high quality offshore investors, who typically stay away from a keepwell structure, also participated. -
Fullerton Healthcare is set to sell a dual-tranche Singapore dollar bond backed by the Credit Guarantee and Investment Facility. The issuer plans to hit the market as early as next week ahead of the firm’s planned IPO in late July.
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Christian Dior nipped in ahead of the UK’s referendum on its European Union membership to issue a €350m bond on Monday, and found highly supportive market conditions.
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Bank of America Merrill Lynch has rejigged its debt capital markets team in Asia Pacific, creating a new debt solutions unit.
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The State Administration of Foreign Exchange (Safe) has expanded a pilot renminbi conversion scheme that was previously confined to its four free trade zones. Market participants say this development could prompt more direct offshore bond issuance by Chinese companies and is part of the authorities’ latest efforts to negate capital outflows.
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Wuxi Construction and Development Investment Co kicked off bookbuilding on Monday for its first appearance in the offshore bond market. It is expected to be followed shortly by Jiangsu Hanrui Investment Holdings, which has mandated banks for its maiden dollar trade.
