HSBC
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Gulf International Bank has cancelled a five year dollar bond that it began roadshowing at the end of September. -
Chinese stock markets led the decline among all major Asian indices on Monday, as woes in the region’s bond market also continued. Debt issuers aiming to kick off their deals this week have their work cut out for them.
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Azure Power Global, the Indian solar energy producer, raised $185m from a follow-on offering after its Canadian shareholder stepped in to buy more shares than expected.
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The Development Bank of Mongolia is ready to return to the dollar bond market after a six year hiatus.
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Afreximbank was able to launch a $500m five year dollar transaction, pulling in the spread despite what a banker at one of the leads called 'choppy conditions'.
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A spike in US Treasury yields on Thursday had a knock-on effect on bond spreads in Asia, posing an additional challenge for issuers ready to head out the gates next week.
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A sharp sell-off in US Treasuries after the release of stronger than expected US economic data has changed the landscape for dollar issuance. Ten year benchmarks could be possible, although one product investors would normally welcome in a rising rate environment — floating rate notes — is unlikely to make a big comeback.
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Asian Development Bank received large demand for its inaugural Sonia-linked floater on Tuesday, despite offering no new issue concession. The supranational saw a number of new accounts and was able to increase the size of the deal to set the largest volume it has sold in sterling to date.
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