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A double digit premium to the dollar curve lured in overseas buyers, who took a 'large chunk' of the bonds
Investors have lots of cash and are eager for new issuance
Investors are keen for new bonds and better rated borrowers may not want to issue in numbers
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Virtual goods platform Fulu Holdings has raised HK$890m ($114.8m) after pricing its IPO at the top of the marketed range, according to a source close to the deal. -
Three Taiwanese companies are testing bank appetite for new loans, as slow deal flow this year gives them enough ‘bargaining power’ to raise funds at thin margins and fees.
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Last week’s flurry of new deals from Latin America were performing well on Friday as cash continues to flow into EM bond funds. The region looks well placed for a busy September of primary market activity, say bankers.
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The Argentine province of Córdoba’s bondholders have said that the issuer is asking for more debt relief than it needs with a proposal to push out maturities and reduce coupons on three bonds maturing in 2021, 2024 and 2027. The group has submitted a counterproposal that would simply extend the maturity on the 2021s without reducing the coupon, and leave the other two bonds untouched.
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In this round-up, China’s August credit data offers a positive surprise, the government introduces greater control on domestic financial holding companies, and ByteDance rejects Microsoft’s offer for TikTok’s US operations in favour of a possible tie-up with Oracle Corp.
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It is rare for one issuer to recognise another's bond issue, but Enel's chief financial officer went to the trouble on Friday of issuing a statement to commend the previous day's sustainability-linked bond issue by Suzano, the Brazilian pulp and paper company which is unaffiliated with Enel.
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