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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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Shanghai-listed WuXi AppTec has started bookbuilding for its HK$7.5bn ($958.28m) Hong Kong IPO, which has already received good response from international long-only investors, according to a banker close to the deal. -
BMW Automotive Finance returned to China's ABS market this week, raising Rmb4.5bn ($575m) from its second deal of the year. But the auto lender tweaked the structure this time, adding a revolving portion.
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After testing the market with a single tranche Rmb1.94bn ($284m) note in August, carmaker Geely will launch a bigger deal with a more complex structure.
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Thai hotel operator Minor International had to get creative with its debut $300m bond, owing to its lack of rating and inaugural status. It looked abroad for inspiration, ultimately opting for a South Korean-inspired structure. Morgan Davis reports.
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Beijing Infrastructure Investment Co showed it is still possible for a Chinese local government financing vehicle (LGFV) to pay little new issue premium for a bond, but its move came at the expense of its order book dropping by a third.
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Bank of China’s Singapore arm is marketing a loan for Ethoz Group, in what appears to be the first time the lender will lead an onshore syndicated financing in Singapore dollars.
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