Goldman Sachs
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Chinese property issuers led the reopening of Asia’s offshore bond market following a week-long holiday in the Mainland to celebrate the Lunar New Year. Investors responded to the new deals with enthusiasm.
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Pinduoduo, a Nasdaq-listed Chinese e-commerce company, has raised $1.38bn from a follow-on offering.
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Just six months after listing on the Nasdaq, Chinese start-up Pinduoduo is back in the equity market to raise around $1bn from a follow-on offering.
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The theme in the euro public sector market this week was large book sizes despite issuers paying very little concession, with Finland, the European Investment Bank (EIB), Madrid and the Joint Länder all keeping close to their curves.
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Italy received record-breaking demand for a long end syndication this week, overtaking its previous record set only last month. But it wasn’t all positive for Italy, as its bonds took a hit after the European Commission cut the country’s growth forecast on Thursday.
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Corporación Andina de Fomento (CAF) laminated its SSA membership card this week as it tightened pricing while equalling its largest ever dollar benchmark for size — despite political turmoil in one of its shareholders.
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Italy passed a test at the long end of the curve with a final order book of over €41bn for a 30 year syndication on Wednesday — far surpassing its previous record book that was set only last month.
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Corporación Andina de Fomento (CAF) may be playing it safe with its first dollar benchmark of the year, according to investors, amid uncertainty over the political future of Venezuela — one of its shareholders and the country in which it is headquartered.
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Italy will test peripheral sovereign appetite in the long end after hitting screens on Tuesday for a 30 year syndication.