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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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Bankers have come under increasing pressure to integrate financial technology into their syndicated lending businesses. But they are ill equipped to deal with the work of integrating new systems, according to a survey conducted by the Loan Market Association (LMA). -
Standard Bank printed a $400m 10 year non-call five tier two bond on Wednesday from a book of more than $2bn in a deal that even rival syndicate bankers called a roaring success.
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The offshore loan market has been quiet this year as Chinese companies have either cut or postponed their fundraising plans. Having stocked up well with debt at the end of last year, and with the onshore market offering new opportunities, many borrowers are simply happy to sit by and wait as the US-China trade war rages on.
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China has made great strides in developing its bond market. But bankers and credit analysts admit there are still major problems with the accuracy of financial accounting. Rebecca Feng reports.
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Novolipetsk Steel (NLMK) placed a $500m seven year bond on Wednesday inside its own curve and at its tightest ever spread to the Russian sovereign, according to a lead manager on the deal.
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Biopharmaceuticals company Mabpharm launched bookbuilding for its up to HK$1.53bn ($195m) flotation, while Hansoh Pharmaceutical Group set pre-marketing in motion for its Hong Kong listing.
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