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  • The Hong Kong Mortgage Corp (HKMC) made a rare public appearance in the debt market this week with a dual-currency transaction worth $1.29bn-equivalent. Featuring a Hong Kong dollar portion and an offshore renminbi tranche, the deal helped the issuer get ‘competitive’ pricing levels, said bankers.
  • Indonesia’s Adaro Energy has sent out a request for proposals for a $400m loan to meet its refinancing needs.
  • Mexican quasi-sovereign Comisión Federal de Electricidad (CFE) offered little to no concession on its first 144A/Reg S deal since 2016 on Tuesday, attracting a broad range of investors to an order book that peaked above $10bn.
  • A set of investors owning more than 45% of a YPF bond maturing next month say they will not support the Argentine oil and gas company’s attempt to swap the notes for a combination of new senior secured bonds due in 2026 and cash — even after the issuer improved the offer on Monday. However, emboldened by the public support of a separate bondholder group, YPF responded late on Tuesday that investors should participate in the deal “with a view to contributing to the preservation of their investments”.
  • JP Morgan’s head of southeast Asia equity capital markets has resigned, according to a source familiar with the matter.
  • Cyprus attracted sold demand when it hit the market for a new five euro benchmark on Tuesday. The trade was priced with a positive yield – a rarity for a eurozone sovereign bond in this part of the curve.