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Deal will fund repayment of previous instrument
◆ IG corporates pour into market ◆ Little sign of fatigue despite range of trades on offer ◆ EDP and Kering hit euros and RAC gets blowout response in sterling
◆ Smaller trades populate market after roaring week ◆ Air France KLM keeps hybrid momentum going ◆ Cencora and Icade bring no-grow bonds
◆ Transdev debuts among some big trades ◆ Abertis looks to pay zero premium on hybrid ◆ Heidelberg Cement pays low concession after big rally in its debt
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Greentown China Holdings pipped Hong Kong and China Gas to open books on Asia’s first dollar perpetual this year on Monday, and will use to proceeds repay a Hong Kong dollar denominated deal from one its subsidiaries.
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Hong Kong and China Gas has picked banks for what looks set to be the Asian market’s first dollar perpetual of the year. Debt bankers are hoping to avoid a repeat of last year, when a disorderly procession of dollar perps ended with poor performances and deals being pulled. But the structure is a natural fit for China Gas, making it the right kind of credit to start supply, said a syndicate official on the deal.
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Ananda Development postponed its proposed CNH perpetual, pulling the plug on what would have been the first corporate dim sum hybrid as well as the first offshore renminbi deal executed by a Thailand issuer.
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The dim sum bond market had a fresh challenge to digest this week when loss-making Thai property developer Ananda Development launched a deal that not only marked the first name from the country to tap the asset class, but also the first ever perpetual offshore renminbi bond, writes Frances Yoon.
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Aluminum Corporation of China (Chalco) launched a senior perpetual non-call five bond on Tuesday, the first corporate hybrid in Asia since Citic Pacific came to the market in May with a $1bn trade.
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How many times have you been told it was inevitable that Europe’s corporate finance market will become like the US, with a small oligopoly of banks doing the vast majority of business — and fatter fees? If you heard that any time in the past 20 years, the prediction has turned out false. Could 2013 be the year when the big hitters’ prayers are answered? Jon Hay reports.