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Placement 3.7 times subscribed, weeks after regulator halted unauthorised marketing of a purported public offer
Cracks emerge in underlying quality as banks appear to teeter further into cautiousness
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Two Chinese local government financing vehicles (LGFVs) raised a combined $480m on Thursday, following a quiet start to the week due to a public holiday. -
The ABS frenzy in China’s domestic market continued unabated this week, with three more originators launching their transactions. This included BYD Auto Finance Co, which made its internationally rated debut.
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ONGC Videsh (OVL), the overseas business unit of Indian state-owned Oil and Natural Gas Corp, is plotting a new dollar loan to refinance a looming bond maturity.
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Sustainable bond issuance from central and eastern Europe is set to rise as issuers face growing pressure from investors to show they are embarking on the transition to a lower carbon economy, even if governments in the region are still dragging their feet, writes Jon Hay.
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Official and multilateral lenders are taking a lenient stance on perennial defaulter Argentina but bond investors are increasingly sceptical whether the IMF programme that the sovereign says it wants will turn its fiscal position around. Markets are pricing in another default within a few years, despite a rebound in bonds this week, while eccentric policy decisions continue to frustrate bondholders.
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Covered bonds issued this week by United Overseas Bank and Raiffeisen-Landesbank Steiermark showed that, for the first time this year, sentiment has turned bearish and suggested that more careful consideration of pricing, timing and maturity is now required.
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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
