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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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  • FIT Hon Teng has refiled for an IPO in Hong Kong after shelving the deal last year due to poor investor demand, returning with the same three sponsors.
  • Logan Property raised a $450m bond on Tuesday, achieving its lowest yield in the international debt market. The lack of high yield paper from Chinese real estate developers and the company’s strong profitability helped drum up demand.
  • India’s divestment body has revealed the pitch schedules for a series of government sell-downs, each of which is set to include a mix of foreign and domestic firms vying for lead roles.
  • Shanghai Fosun Pharmaceutical (Group) Co has raised HK$2.3bn ($298.4m) from an overnight bookbuild after selling the entire increase option, in a trade embraced by long-only investors.
  • India Grid Trust has launched the country’s second infrastructure investment trust (InvIT) IPO that is worth Rp22.5bn ($351m), with anchor investors taking up 45% of the trade.
  • Mid-sector CNY swaps have been well offered today but Société Générale says deleveraging efforts will back more steepening across the 2s/5s NDIRS slope, writes Deirdre Yeung of Total Derivatives.