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Bonds of energy importers have sold off, but there has been no market crash
Issuers struggle over what concessions investors will require
The break in primary maret activity has now lasted longer than the one that followed the 'liberation day' US tariff announcement last April
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China’s Full Truck Alliance (FTA), an Uber-like service for trucks, is planning an IPO on the New York Stock Exchange, having filed a prospectus with the US regulator. -
Vietnam’s VNDirect Securities Corp has tapped the offshore loan market for the first time for a $50m borrowing.
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A large sell-off over the past two months in the dollar bonds of embattled China Huarong Asset Management took a turn last week, as news around the firm’s financial health buoyed secondary market performance.
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Deutsche Bank has made three senior hires to its coverage teams for China and Australia.
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Equity capital markets participants are predicting the return of exchangeable bonds as a way for large corporates to sell crossholdings or subsidiaries to raise funds without offering the big discounts to investors that come with a block trade. Two deals this week highlighted the importance of the product, a €538m deal by French utility Engie, selling shares in Gaztransport Et Technigaz (GTT) and bonds exchangeable into its shares, and a $1.64bn financing package sold by Adnoc, selling shares and exchangeable bonds in subsidiary Adnoc Distribution.
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Mamoura Diversified Global Holding sold a dual tranche dollar bond featuring a Formosa tranche on Thursday. Formosa bonds have been gaining traction among Middle East issuers as they seek to tap into Asian investor demand.
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CAF gearing up to transform regional development
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