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All eyes were on Sunac China Holdings on Thursday when it executed a deal that was six times covered at its peak. Despite the competition, Redco Properties Group also managed to walk away with a new bond, thanks to the flexibility of the 364-day format. -
Investors in the leveraged finance market established a new trade body this week, giving them the chance to push back against aggressive covenant terms, and offering an alternative forum to the Association for Financial Markets in Europe, increasingly dominated by the sell side following a mass walk-out by the buy side last year.
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China’s Road King Infrastructure nabbed $400m from a bond that was priced 50bp inside of initial guidance, on the back of the largest order book for an Asian deal recently.
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Leveraged finance industry bodies are a changin’. The two main trade organisations led by the sell side are set to open talks with a new, more independent investor lobby taking its first steps on Wednesday.
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At first look, a high new issue premium makes a corporate bond deal look cheap for investors. However, the negative effect that premium can have on an issuer’s outstanding bonds can prove to outweigh the cheapness of the new deal for an issuer’s long term backers.
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Railway and toll road constructor Shandong Hi-Speed Group became the latest issuer to opt for a short tenor for its bond this week, in a bid to speed up the issuance process while keeping the yield low.
