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A double digit premium to the dollar curve lured in overseas buyers, who took a 'large chunk' of the bonds
Investors have lots of cash and are eager for new issuance
Investors are keen for new bonds and better rated borrowers may not want to issue in numbers
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Turkish president Recep Tayyip Erdoğan sent the country’s sovereign bond yields flying this week as he vowed to take more responsibility for monetary policy if he wins next month’s elections. His comments prompted another sharp dive in the value of the Turkish lira — felt strongly by the country’s dollar debt issuers — as investors feared that even if the central bank does hike rates to defend the currency, the measure could be soon reversed. Francesca Young and Mike Turner report. -
Nordea issued a €1bn seven year bond on Thursday and attracted the highest subscription ratio of any euro covered bond of this size in 2018, while pricing with a tiny new issue premium. The execution offers further evidence that covered bonds are on a solid footing, in contrast with other sectors.
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Jeffrey Elkhoury, a CEEMEA DCM banker, has moved to Dubai to as part of Société Générale’s plan to grow in the Middle East.
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Two IPO applications in Hong Kong this week — one from a bitcoin hardware maker and the other a Chinese state-owned enterprise — highlighted the tussle for investor attention between old and new economy companies.
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Even the best laid plans often go awry. Despite hours of preparation and accounting for every worst case scenario, one young banker has learned that sometimes accidents just happen.
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Two Chinese transactions on Wednesday served as perfect examples of how duration can make a difference. Greenland Holding Group Co’s $500m sub-one year bond attracted a larger-than-expected order book, while China Overseas Grand Oceans Group (Cogo) had to pull a five year trade as a result of insufficient demand.
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Sponsored by CAF – Development Bank of Latin America and the Caribbean
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