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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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Hungarian fertiliser company Nitrogénművek has released initial price guidance for its €200m seven year non-call three bond. -
Petróleos Mexicanos (Pemex) sold 5.5 year Swiss franc bonds on Thursday, its first issue in the market for two years. With international supply falling in the last few years, Swiss investors leapt at the opportunity to buy investment grade Latin American credit.
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There are two phrases that don’t often go together in the capital markets: ‘13% yield’ and ‘two year bond’. But that eye-watering funding cost was just what China’s Hydoo International Holding paid on its latest exchange offer, marking the highest yield for a dollar bond since 2015. Bankers think there will be plenty more where that came from, writes Addison Gong.
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Indonesia’s Federal International Finance raised $300m from its first dollar bond on Wednesday, managing to tighten pricing marginally despite investor pushback.
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Morgan Stanley’s private equity arm raised W230.4bn ($214.3m) from an overnight sell down in South Korea’s Hyundai Rotem on Wednesday.
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Indian conglomerate Larsen & Toubro kicked off the listing of its infrastructure investment trust (InvIt) this week, pushing a novel private placement structure. Market participants predict that with the sponsor’s strong credentials, a desire for safe assets and a bigger investor pool, the deal could be the boost InvIts have been waiting for. Jonathan Breen reports.
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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
