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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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Romania-focussed Globalworth Real Estate Investments drew support from a variety of investors for its debut bond, which included a large cornerstone order from a financial institution, to price a €550m deal at 3% on Monday. -
Bond investors shrugged off state-owned oil company Petroperu’s low credit quality to pile into its debut deal in remarkable fashion as the issuer sold 15 and 30 year bonds at a tighter spread to the sovereign than its Mexican counterpart Pemex.
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China's Ministry of Finance announced on Tuesday that it will be issuing a total of Rmb14bn ($2.06bn) of offshore renminbi treasury bonds this year, and will also sell its first dollar deal in over a decade in the second half.
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Russian supply is trickling through after Tinkoff Bank placed the sole deal from the region last week with Vimpelcom taking books on Tuesday of over $3bn at for a dual tranche offering, and Eurochem back for a another bite of the capital markets cash.
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Indonesia’s Soechi Lines postponed a dollar bond on Monday because of uncertain market conditions and severe weather in Hong Kong, and it plans to engage with investors at another time. The pulled deal raised questions about whether the pricing on offer was enough to maintain the buy-side’s interest in the first place.
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Thailand’s Buriram Sugar has filed for an infrastructure fund listing that could raise $150m, according to sources close to the deal.
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Sponsored by CAF – Development Bank of Latin America and the Caribbean
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Sponsored by European Investment Bank
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