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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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  • Malaysian oil company Petroliam Nasional Berhad (Petronas) used a stable window for issuance on Tuesday to raise $600m, returning to the bond market a year after it helped restart deal flow following a lull caused by Covid-19.
  • Local government financing vehicle Beijing Public Housing Center raised $300m from a five year bond on Tuesday that was priced inside some fair value estimates thanks to the borrower’s strong track record.
  • Japfa Comfeed Indonesia sold the country's first sustainability-linked bond this week, leveraging the market fervour for environmental, social and governance (ESG) investing to tighten pricing more than it would have for a conventional deal. Morgan Davis reports.
  • Hutchison Port Holdings Trust found strong support for its five year bond on Tuesday, allowing it to raise $500m from a $3bn order book.
  • The controlling shareholder of Thailand’s Stark Corp has sold a chunk of his shares in the company, raising Bt3.77bn ($122.4m) after pricing the deal towards the top of price guidance.
  • Ford Automotive Finance (China) has wrapped up a Rmb3.203bn ($492.3m) auto loan ABS deal, its first outing in the domestic Chinese market this year. Mercedes-Benz Auto Finance is also looking to make its first appearance of 2021 next week.