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◆ Reoffer yield second lowest of the year ◆ Euro hybrid yields tear tighter ◆ Proceeds to refinance upcoming maturity
◆ Borrower prices inside fair value ◆ Sub/senior spread less than 100bp ◆ Issuer accelerates funding to take advantage of good window
The company is by far the most prolific issuer of hybrids in the Gulf
As thrilling as last week's Reverse Yankee-led corporate bond fest in Europe may have been, it did not confirm the market has matured to its magnificent final form
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Korean Air Lines has raised $300m from a hybrid bond that came with a guarantee from the Export-Import Bank of Korea (Kexim). But the issuer’s credit fundamentals posed a challenge, with investors split over finding the best comparable for the notes. -
Chinese water treatment firm Citic Envirotech has printed its first dollar bond, raising $175m from a trade that was designed to take advantage of Asian private banks’ increasing need for yield.
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Shares in Solvay, the Belgian chemical company, closed at €103.65 on Thursday, up 3.1% since Monday night, after shareholders voted to approve the €1.5bn rights issue to finance its takeover of Cytec Industries, the US maker of advanced materials.
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Asia’s primary debt market is set for a busy end to the month with another four issuers - Citic Envirotech, Korean Air Lines, Powerlong Real Estate Holdings and China Construction Bank Asia all looking to attract international investors with deals of their own on Thursday.
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Citic Envirotech has set up a subordinated securities issuance programme in multiple currencies, while Sun Hung Kai Properties (SHKP) is eyeing an offshore bond return.
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Dong Energy and Vattenfall have forgone their right to exercise the rating event call option on their hybrid notes, just two weeks after Standard & Poor’s removed the deals' equity credit.
