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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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The Republic of Slovenia has priced the flotation of Nova Ljubljanska Banka at a final offer price which values the bank at €1bn, fulfilling a commitment to privatise the bank before the end of the year. -
Nigeria is rumoured to be planning the sale of a dollar bond, returning to the market for the first time since February.
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DBS Bank is planning a roadshow ahead of its first dollar covered bond in over three years, and the first from a Singaporean bank since February 2017. The expected deal follows two large Canadian benchmarks and shows that dollar covered bond funding is becoming more compelling than euros.
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Chinese technology giant Baidu grabbed $1bn from a bond on Thursday, while a local government financing vehicle (LGFV) in Hunan raised $300m from a deal that was less than twice covered at its peak.
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China Development Bank Financial Leasing Co (CDB Leasing) raised $400m through its aviation leasing arm on Thursday, paying around 10bp of new issue premium for a three year floating rate note.
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State officials provide strong verbal commitment to private sector development, the China Securities Regulatory Commission promises more stringent stock trading suspension rules, and China’s State Council says it will enhance the domestic business environment for domestic and foreign companies.
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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
