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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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Securities watchdog moves the foreign ownership limit in securities and asset management companies to 51%, regulators extend grace period for financial institutions to comply with wealth management product rules, and FTSE Russell says dim sum will thrive despite onshore opening. -
FX watchdog grants $8.34bn of quotas for the qualified domestic institutional investor (QDII) outbound investment programme, the leadership of the ruling Communist Party reinforces the promise to open up markets, and Bond Connect sees growing Q1 investments.
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Energo Pro, a hydro power plant operator and electricity distributor in Bulgaria, Georgia and Turkey, opened books for its €250m bond issue at 4.5%-4.75% on Friday, higher than the low to mid-4% it originally indicated.
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Indian real estate company Lodha Developers is preparing to raise up to $562m from the primary portion of its planned IPO, according to a draft red herring prospectus filed on Thursday.
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Indonesia’s Wijaya Karya Realty is building books until mid-next week for an IPO of as much as Rph3.2tr ($230m).
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The debt market in Asia ended the week on a muted note, with both investment grade and high yield dollar spreads widening amid a rise in US Treasury yields. The primary bond market was also quiet with no international issuance on Thursday and a lone Chinese issuer collecting bids on Friday.
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