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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
Data
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Guangzhou Rural Commercial Bank Co got its HK$8.06bn ($1.03bn) Hong Kong IPO away on Wednesday, pricing the shares just below the middle of the offered range. -
Banks competing for a role on China Tower’s planned $10bn IPO in Hong Kong have tried to elbow each other out by lowballing sponsor fees, with one US bank even offering to charge nothing to be a sponsor.
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The private equity majority owners of Indian IT company Mphasis raised $500m on Tuesday from a five year non-call two deal, despite it having a structure that is quite unfriendly to bondholders.
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Once troubled Chinese property developer Kaisa Group Holdings, which launched an exchange offer last week, has released minimum yields on the four sets of new fixed rate notes that will replace its outstanding variable rate senior bonds.
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Tejas Networks launched its Rp7.8bn ($120.8m) India IPO on Wednesday with Abu Dhabi Investment Authority as the largest anchor investor.
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Domestic data in China is mostly in line with market expectations. However, mild losses in equities has prompted some receiving at the shorter end of the CNY NDIRS curve, driving a bull steepening move to the belly of the curve, writes Deirdre Yeung of Total Derivatives.
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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
