HSBC
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China State Construction Engineering Corporation Limited and Tianjin Infrastructure Construction are getting ready to meet investors ahead of their respective dollar fundraisings. -
French aerospace and defence company Thales returned to the European corporate bond market this week after a three year absence, printing a €600m seven year bond and clinching a 0bp new issue premium.
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KfW became the first supranational or agency to sell a euro-denominated five year benchmark with a negative yield on Tuesday.
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After a bumper week in dollars, euros will be back on the CEEMEA table this week with PKN Orlen and Croatia wrapping up meetings on Tuesday. But the European Central Bank meeting on Thursday and US data on Friday is expected to keep issuance limited this week.
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With a Federal Reserve rate hike possibly coming in June, the question on top of analysts’ minds is whether there will be a repeat of the panic in the RMB market like what was seen in January. But luckily this time around, China’s commitment to stability is likely to keep volatility at bay.
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Indonesia’s Sri Rejeki Isman (Sritex) is poised to launch a new bond on June 1 as soon as a tender offer to buy back its outstanding notes expires.
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Dongfeng Nissan Auto Finance is set to make its annual return to the ABS market with a Rmb3bn ($457m) VINZ 2016-1 Retail Auto Loan Securitization. But unlike its previous China auto ABS transactions, the company will be selling an additional fixed rate senior tranche when books open on Thursday.
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Korea Gas Corp (KoGas) has kicked off preparations for its first international bond of the year, which will hit the market next month.
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Cemex Holdings Philippines is planning to start pre-marketing its potential $500m IPO from the first week of June, according to a source with direct knowledge of the matter.
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Midea Group found a strong following this week for its international debut bond. While the lack of deals from its industry peers posed a challenge in finding comparables, the notes thrived on their rarity value.
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Supranationals were able to take €8bn out of the long end of the euro curve this week amid another week of demand for duration, but the deals arguably suggest the strength of that interest could be waning, said bankers.
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