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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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  • Profit Reach, an investment vehicle owned by Chinese billionaire Shen Guojun, is seeking a $550m refinancing loan with a rare put option provided to lenders. The deal has raised debate over whether the structure can catch on in Asia. Pan Yue reports.
  • Bank of China has received the green light to raise as much as Rmb40bn ($5.88bn) from a perpetual additional tier one bond in its domestic market, opening a new funding channel for Chinese banks. But although a flagship bank is leading the way, smaller institutions may find the perpetual format more compelling. Rebecca Feng reports.
  • Srei Infrastructure Finance has cancelled a plan to float a subsidiary, as a result of weak investor sentiment driving down valuations in India’s equity market. The company has instead chosen to pursue a private listing, Jonathan Breen reports.
  • India’s largest telecommunications service provider Vodafone Idea has received the green light from its board to raise Rp250bn ($3.51bn) from a rights issue.
  • Club-style Chinese deals were back this week as Peking University Founder Group Co raised $150m from a three year bond and Yankuang Group grabbed $215m.
  • Bond investors and analysts warned on Wednesday that there was still deep uncertainty in store for Venezuelan bondholders even if market hopes materialise and Nicolás Maduro is soon to leave the presidency. Moreover, not everyone thinks his imminent exit is a given.