Deutsche Bank
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Cifi Holdings (Group) Co returned to the bond market with a $300m transaction. The four year bond’s tight price stood in stark contrast to the two year notes Cifi paid up to sell in December. -
The European Financial Stability Facility (EFSF) and Agence Française de Développement (AFD) became the latest issuers to enjoy a strong euro market this week, and there is more supply to come.
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The US corporate new issuance calendar took a breather on Thursday after clocking up its busiest week of the year with $30bn of supply in just three days. Borrowers remained on the sidelines as investors digested the supply onslaught that brought bulging order books and tight pricing.
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Deutsche Bank has pulled about $5.25bn equivalent of non-preferred senior funding out of the market in the past two weeks, stomaching higher funding costs than some of its peers. The bank’s treasurer told GlobalCapital this week that it was prudent to step into the market now, with the issuer having cut through half of its target for loss-absorbing debt issuance in 2019.
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After a quiet start to February, property developers from China are making the most out of a liquid bond market, pricing dollar bonds way inside of initial guidance and still watching their bonds trade well in the aftermarket. The rush shows no signs of slowing down. Addison Gong reports.
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China’s Chow Tai Fook and Vietnam’s Vingroup have returned to the offshore loan market, with both borrowers inviting banks to join senior syndication.
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The Republic of Indonesia was back in the dollar market this week with its regular sukuk issuance. But with a trade that mirrored its 2018 Islamic financing transaction, the sovereign added a green tranche, allowing it to tap a niche set of investors in an effort to raise $2bn. Morgan Davis reports.
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Vingroup Joint Stock Company has made a quick return to the offshore loan market, attempting its third borrowing in 12 months.
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Sunac China Holdings priced a large three year callable bond, taking advantage of the abundant liquidity in the market following Chinese New Year. But investors appeared to hold back when it came to less familiar names.
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The Republic of Indonesia returned to the bond market in style this week, using a tried-and-tested formula by adding a green tranche to a $2bn sukuk.
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The European Financial Stability Facility completed its funding for the first quarter with a dual tranche offering on Tuesday, which was priced with minimal concession, according to the leads.
