Currencies
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Some investors are betting that Italian government bonds have suffered their worst losses and are hoping S&P will not downgrade the sovereign to junk at the end of this week. That is despite a spat between the Italian government and the European Commission over the former’s budget plans which saw the latter reject an EU member's budget proposal for the first time ever this week. -
Xinyi Glass has dropped a non-financial covenant on its HK$750m ($96m) borrowing, which was launched into general syndication in August.
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Italian government bonds took a hit on Tuesday after the European Commission asked the country to send a revised draft of its budget plans. But yields stayed below the 2018 peaks they hit late last week when investors feared that Moody’s could downgrade the sovereign to junk.
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An A$500m ($355m) Kangaroo bond from the Export-Import Bank of Korea on Tuesday reaffirmed Australian dollar investors’ appetite for high quality credits from South Korea, amid a fall in global issuance volume in the currency this year.
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Indonesia state-owned electricity company Perusahaan Listrik Negara (PLN) priced its first deal as a fully investment grade rated issuer on Thursday, tapping not only the dollar market but also euros for the first time.
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The Republic of Tunisia hit screens on Thursday, announcing a roadshow to promote a euro benchmark — the nation’s first since February 2017.
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A three times subscribed deal by KfW this week showed that there is plenty of green demand for issuers looking to print in the format in the remainder of the year, as a fellow German agency moved forward with plans to bring a trade.
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Bank Nederlandse Gemeenten (BNG) is keeping a close tab on the Kangaroo bond market, following the sale of a curve-extending euro bond this week that is likely to complete the issuer’s benchmark funding for 2018.
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Saudi Arabia has found itself mired in controversy this week over the disappearance and alleged murder of Saudi journalist Jamal Khashoggi. The news has battered Saudi asset prices, but bankers said the market would likely still absorb bond issuance at the right level.
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The Autonomous Community of Andalusia this week became the first Spanish region to return to the capital markets while still under the central government’s Regional Liquidity Fund.
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Chinese state owned vehicle manufacturer Dongfeng Motor sold its second euro bond on Tuesday with its previous issue in euros maturing later in October.
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