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Secondary market selling of private bonds may be wreaking havoc with the primary market for public debt but the trades were still the right thing to do
Sovereign's $3bn deal tightens well as Asian demand returns
The sovereign's public and private bonds of similar maturities are trading over 25bp apart
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Global coordinators say that they are working hard to bring international orders into the book for the IPO of Saudi Aramco, which is also attracting large pools of local demand. -
State-owned airline Dubai Aviation Corporation, known as flydubai, has refinanced its debut sukuk into a term loan — a rare win this year for the loan market, which has declined while attractive issuance conditions boost DCM volumes.
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MSCI will complete its third and largest step of including China A-shares in its MSCI Emerging Markets Indexes and the MSCI China Index after the market closes on Tuesday. In preparation, foreign investors bought Rmb21.4bn ($3bn) of A-shares by 3pm through the two Stock Connect schemes — surpassing the record high of Rmb17.4bn achieved last year.
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Chinese government-owned China State Construction International Holdings (CSCI) raised $500m from a subordinated perpetual bond, after investors put in orders that covered the transaction by more than 10 times at the peak.
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TMB Bank Public Co has sealed a $400m Basel III-compliant additional tier one bond. The rarity of the Thai deal made price discovery tricky.
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Haitong International Securities is in talks with its relationship banks to raise a HK$10bn ($1.2bn) three-year loan to refinance an old club deal signed in 2017.
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Sponsored by CAF – Development Bank of Latin America and the Caribbean
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Sponsored by European Investment Bank
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