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◆ Gulf private placements bite back ◆ Bond new issue premiums rise ◆ CLOs catch a break
Business has sagged in the third quarter, but the pipeline is busy, despite an intractable war
Private bonds are now being offered in the open market wider than where public deals trade
Data
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Genscript Biotech Corp is planning to spin-off and list subsidiary Legend Biotech Corp in a potential $100m Nasdaq IPO. The firm submitted listing documents to the US regulator on Wednesday. -
Central American sovereign Belize, which last restructured its international debt in 2017, is likely to seek to delay a $13m coupon payment due in August on its only external bond, believes Moody’s.
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The International Monetary Fund is likely to approve a request from Chilean authorities for a two year flexible credit line (FCL) that the country’s central bank says is being sought “to reinforce the external position in a high risk external scenario”.
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Mamoura Diversified Global Holdings took full advantage of fast-building momentum behind Gulf issuers on Tuesday, when it printed a $4bn triple tranche trade that won $23bn of orders.
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REC became the first Indian issuer in two months to hit the international bond market, raising $500m on Tuesday. While the deal was a success, it also shed some light on the restrictions and challenges being faced by the country’s issuers amid the Covid-19 pandemic.
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Zhongsheng Group Holdings has pulled off a HK$4.56bn ($588.3m) convertible bond and repurchase of an outstanding CB, increasing the deal size on the back of demand from existing bondholders.
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Sponsored by European Investment Bank
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