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A number of dollar bond issuers in Asia have moved to reopen their existing notes and add more funds to their coffers ahead of a week-long holiday in China for National Day. -
Cirsa, a Latin America-focused gambling company owned by Blackstone, raised new PIK toggle debt this week to pay a dividend, thereby derisking its initial investment — by selling bondholders what looks like a top-of-the-market trade. But the company generates plenty of cash, and investors showed up in force, allowing it to boost the size of the bond and associated payout.
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Investors’ hunt for yield worked in Road King Infrastructure’s favour, with its $480m bond eight times covered at the peak. Most accounts stayed in the trade despite its tight pricing.
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Antonio Keglevich will lead a new sustainable finance advisory team at UniCredit, aiming to originate deals across asset classes.
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Chinese real estate firm Zensun Group and local government financing vehicle (LGFV) Guangxi Liuzhou Dongcheng Investment Development Group Co have sold their first dollar bonds, but had to manage their expectations on a busy day for issuance.
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Chinese companies came to the international bond market in force on Tuesday, just days ahead of a week-long holiday in the Mainland to celebrate National Day.
