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◆ Two tranches in euros and one in sterling ◆ Combined peak books top €19bn ◆ Investors paid up with chunky sub/senior spreads
Elevated NIPs not to be uniform, with some sectors set to pay more than others
◆ Deal is the fourth EuGB labelled hybrid ◆ Issuer punches through fair value... ◆ ...and gets its tightest senior/sub spread
◆ Energy pair bring three tranches ◆ Sub-100bp senior/hybrid spreads secured ◆ Single digit concessions offered
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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.
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Regional fund managers are considering their best investment options to ride out global bond markets roiled by the Federal Reserve’s announcement on Wednesday of its hope to end quantitative easing as soon as mid-2014.
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Less than a week after Citic Pacific issued a $800m non-call 5.5 deal on May 14, the Chinese state-owned enterprise surprised investors by tapping the deal.