HSBC
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China Development Bank (CDB) raised nearly $3bn from dollar and euro bonds on Monday, appealing to investors due to its rarity in the debt market. -
Singapore-listed Mapletree Logistics Trust is funding an acquisition spree of logistics assets in Asia by tapping the equity market for up to S$650m ($479m).
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Shimao Services has joined the stream of Chinese property managers listing in Hong Kong this year, kicking off bookbuilding for its up to HK$10.1bn ($1.3bn) IPO.
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Shanghai-listed SDIC Power Holdings has priced its $200.6m London offering of Global Depository Receipts (GDRs) at the bottom of the marketed range.
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HSBC provided $1.8bn of financing to high carbon companies including Kepco, which is developing new coal plants, in just five deals in the past four months, as it prepared to announce its “net zero ambition” on October 9, an NGO has alleged.
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The world’s biggest banks sat out the primary bond market in dollars this week, dashing hopes of a pre-election funding blitz.
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Agricultural Bank of China and Bank of China’s investment arm tapped the bond market on Thursday, joining a host of other issuers that also sought fresh funding.
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Asia’s dollar bond market has been swamped with new deals this week. Thursday was no different, with corporate borrowers from Greater China alone raising just over $3bn between them.
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Rating: Baa1/A-/A+ (issuer expected)
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FIG borrowers may be well funded, but rates are low and market conditions are good enough to support opportunistic issuance — as was shown this week by a slate of deals across the capital structure. Given a volatile end to 2020 is likely, issuers will need to stay alert and take advantage of funding windows as they arise, write Frank Jackman and Bill Thornhill.
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High grade corporate bond investors had their pick of crossover deals this week, with Inwit, Veolia and Cellnex offering trades on the periphery of junk ratings, with demand solid as risk appetite remains strong.
