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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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United Overseas Bank (China), a wholly-owned subsidiary of Singapore’s UOB, sealed a Rmb1bn ($142m) 10 non-call five year subordinated bond on Monday. The trade was the first internationally rated tier-two capital bond in the Mainland debt market. -
Hong Kong’s PCGI Intermediate Holdings, a subsidiary of FWD, raised $250m from the bond market on Tuesday. While the company hit its size target, orders were limited and the price guidance was unchanged throughout the day.
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India’s third largest cement maker Shree Cement is one step closer to a qualified institutional placement (QIP) after getting the go-ahead from the securities regulator.
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Yield-hungry bond investors helped the Republic of Panama to a $1.3bn dual-tranche bond that bankers judged offered little new issue premium, even as rating agencies issue warnings about a deteriorating fiscal picture in the country.
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The price on Tunghsu Group’s only dollar bond has plunged by more than 20 points in the secondary market, following missed payments in onshore China by a key subsidiary. Addison Gong reports.
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Industrial and Commercial Bank of China will pay an upcoming dollar bond coupon on behalf of cash-strapped Tewoo Group, honouring a standby letter of credit (SBLC) it provided for a $500m deal sold by the commodities company two years ago.
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