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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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China’s GreenTree Hospitality Group had to navigate a tough market this week to wrap up its US IPO as volatility spiked and its closest comparable tanked in the secondary market. To pull off its float, the issuer had no choice but to concede on price and size, writes Jonathan Breen.
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International investors will be getting a more transparent look at China’s domestic green bonds, following a new initiative from the Luxembourg Stock Exchange (LuxSE) and the Shanghai Clearing House.
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AIA Group wrapped up a swift deal during New York hours on Tuesday, taking advantage of the ample liquidity in the US market and investors’ appetite for longer tenors. The life insurance company’s $500m deal outperformed most recent trades — both in the primary and secondary markets.
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Chinese banks appear to be taking a step back from lending aggressively after a rise in funding costs and tightening onshore liquidity combined to put pressure on their balance sheets. As they become more selective, there will be winners and losers in the loan market, writes Pan Yue.
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BoCom International, the Hong Kong unit of China’s Bank of Communications, has launched a new HK$4bn ($509m) loan into general syndication, just weeks after its Macau unit opened a $500m club-style deal.
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China Grand Automotive Services Co and Poly Property Group raised $300m and $350m, respectively, on Tuesday, squeezing through a narrow window before the Hong Kong market closes for a four-day break.
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