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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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Greentown China Holdings priced a $500m perpetual bond on Monday, and surprised some debt bankers by paying a historically small premium over its senior bond curve for a successful print.
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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.