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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
Data
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Macau casino operator Studio City Finance raised $600m from a deal that was priced right around fair value, funding a tender offer. There could be more bonds from the company in 2019. -
Larsen and Toubro has kicked off a two-day offer-for-sale in subsidiary L&T Technology Services, eyeing proceeds of up to Rp9bn ($126.3m).
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S&P Global Ratings, which this week became the first international rating agency permitted to rate Chinese domestic deals, plans to start its business gradually. The firm will initially concentrate on renminbi deals sold by its existing clients.
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Nio, the Chinese electric car company, has launched bookbuilding for a convertible bond that will be worth as much as $650m, according to a source close to the deal.
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Brazilian pulp and paper producer Suzano returned to bond markets for the third time in five months on Tuesday, tapping its 2029s for a further $750m.
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The US sanctions slapped on Petroleos de Venezuela (PDVSA) this week look similar to those that have just been removed from Russia’s EN+ and Rusal. The move indicates that the US believes in the effectiveness of sanctions and is happy to keep deploying them. Emerging markets investors should beware.
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