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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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Yunnan Provincial Energy Investment Group Co added a dash of variety to bond supply from China’s local government financing vehicles, by selling a $300m dual-tranche deal that combined a senior unsecured portion with an unsubordinated perpetual.
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Hong Kong-listed Summit Ascent Holdings, an investment holding company focused on operating resorts, is planning a rights issue worth HK$1.6bn ($206m).
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Cigarette packaging producer Amvig Holdings has closed its HK$1.35bn ($174m) loan with seven lenders.
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Central American sovereign Belize said this week that more than three-quarters of its bondholders supported its proposal to capitalise its next three bond payments. The Covid-19 pandemic is battering the country’s tourism-reliant economy.
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Two Latin American corporates sold dollar bonds this week, but market participants said August is mostly as quiet as expected, as focus turns to potential September supply.
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Real money investors have historically avoided the reputational risk involved in participating in sovereign debt restructurings. But a truly socially responsible investor should embrace these situations — for the sake of both their clients and troubled emerging nations.
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