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◆ Books grow during pricing ◆ Geopolitical volatility does not derail hybrid deal ◆ Trade prices through fair value, tight to senior
◆ Hybrid books hold firm as senior sales shed ◆ Both tranches land far through fair value ◆ Telefónica achieves tight senior/sub spreads
◆ Peak demand reaches €11.5bn ◆ Longer call tightened harder than the short tranche
◆ Both tranches priced close to fair value
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China Aluminium International Engineering (Chalieco) will meet investors in Singapore Wednesday, February 19, for its debut bond before moving to Hong Kong on Thursday. The issuer has opted for a Reg S dollar perpetual. -
Singapore dollar bonds look to be gaining momentum, with Trafigura, a Dutch commodity trading company, pricing its first Singapore dollar bond on Monday and opting for a perpetual.
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Greentown China Holdings priced a $500m perpetual bond on January 20. But despite being one of a herd of Chinese property bonds priced so far this year, the issuer surprised some debt bankers by paying a historically small premium over its senior curve.
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Hong Kong and China Gas (HKCG) sold its first hybrid perpetual bond this week, finding strong demand for its entry into the asset class. The $300m non-call five deal was its first dollar bond since 2008, and rarity and a sound structure helped produce a successful print, said bankers on the deal.
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Hong Kong and China Gas sold its first hybrid perpetual bond this week, finding strong demand for its entry in to the asset class. The $300m non-call five deal was its first dollar bond since 2008, and rarity and a sound structure helped secure a successful print, said bankers on the deal.
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Asian borrowers have started selling perpetual bonds again, buoyed by hungry private bank buyers and at least a modicum of clarity around interest rates. But restraint is essential if they are to avoid a repeat of last year, when they pushed the perp structure to its limits and pulled the market down on their own heads.
