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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
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Colombian airline Avianca filed for Chapter 11 bankruptcy protection in New York on Sunday, the same day that $66m of senior unsecured bonds matured and just five months after wrapping a distressed debt exchange that some thought had brought the airline back from the brink. -
Latin American development bank Corporación Andina de Fomento (CAF) tapped US dollar markets for the first time this year on Thursday, raising $800m of three year money that it will use to partially fund a $2.5bn emergency credit line designed to support shareholder countries in dealing with the effects of the coronavirus pandemic.
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Chinese company Kingsoft Cloud Holdings has raised $510m after boosting the size of its Nasdaq float.
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China has made some much-needed changes to rules for foreign investors using the Qualified Foreign Institutional Investor scheme and its renminbi sister scheme, reviving some of the appeal of these access programmes.
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In this round-up, China’s foreign exchange reserves see an unexpected rise last month, export data improves but imports drop, and the central bank is planning to issue three month and one year renminbi bills in Hong Kong next week.
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Chinese technology company Lenovo Group took advantage of improving sentiment and small new issue premiums on recent deals to reopen a dollar bond sold in April. It raised $350m from the tap on Thursday, but investor interest was quite muted.
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Sponsored by CAF – Development Bank of Latin America and the Caribbean
CAF gearing up to transform regional development
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Sponsored by Emirates NBD Capital
Emirates NBD Capital: An unrivalled conduit for Middle East liquidity
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Sponsored by European Investment Bank
European Investment Bank: Supporting sustainable development in North Africa
