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◆ Gulf private placements bite back ◆ Bond new issue premiums rise ◆ CLOs catch a break
Business has sagged in the third quarter, but the pipeline is busy, despite an intractable war
Private bonds are now being offered in the open market wider than where public deals trade
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China’s Fujian Yango Group Co this week set out a dramatic rise in the coupon on an outstanding bond, in a bid to avoid an investor put in April. The move left market participants confused, with one calling it ‘very odd’. -
There are just five more weeks until the UK is due to leave the European Union. Is now the time for this old China hand to make his return?
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Over the past year, Asian investors have become pickier about which Gulf credits they buy, and it has felt to some in emerging market bonds that marketing Middle East issuers to them can be futile. But a storming success for Mashreqbank this week demonstrated that engaging Asian investors is worth the jet lag.
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Singapore Power, a government owned electricity and gas distributor, grabbed investor attention on Wednesday and raised $600m from a rare trip to the international bond market.
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Chinese high yield borrowers have come to the market in droves this week. That continued on Wednesday, when three deals raised a total of $1.275bn.
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Malaysia-based firm Top Glove Labuan tapped the equity-linked market for the first time on Wednesday, raising $200m after printing a five year non-call three exchangeable bond.
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Sponsored by CAF – Development Bank of Latin America and the Caribbean
CAF gearing up to transform regional development
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Sponsored by Emirates NBD Capital
Emirates NBD Capital: An unrivalled conduit for Middle East liquidity
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Sponsored by European Investment Bank
European Investment Bank: Supporting sustainable development in North Africa
