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Secondary market selling of private bonds may be wreaking havoc with the primary market for public debt but the trades were still the right thing to do
Sovereign's $3bn deal tightens well as Asian demand returns
The sovereign's public and private bonds of similar maturities are trading over 25bp apart

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  • Nomura’s head of equity syndicate for Asia ex-Japan Ortwin Gierhake is no longer with the firm, sources close to the matter said.
  • Chinese president Xi Jinping delivered the message everybody wanted to hear: despite the trade spat with the US, China will keep opening up its markets to foreign firms. But the speech was light on substance. The remarks feel like more of China’s vintage ‘stall and delay’ strategy rather than the much-touted ‘new era’. That could backfire, especially since Donald Trump seems hell-bent on making his aggressive trade policy towards China a reality.
  • Banco de la Ciudad de Buenos Aires (Banco Ciudad) is lining up a potential international bond outing after mandating banks for an Argentine peso-linked trade.
  • Chinese real estate companies Cifi Holdings Group Co and Fujian Yango Group Co rolled out three year dollar bonds on Thursday, paying investors hefty premiums to get their deals done.
  • Yuexiu Property Company priced a two-tranche dollar bond on Thursday but decided to ditch a potential offshore renminbi deal. Separately, Peking University Founder Group Co returned with another bond with a keepwell structure for $425m.
  • China rejects suggestions that it is speeding up liberalisation due to US pressure, regulators tout the rebooting of outbound investment channels, and China International Capital Corporation (CICC) and KraneShares make an ETF tracking Chinese internet companies available in renminbi.