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US issuers and insurance companies could benefit as Moody’s relaxes parts of its approach
Investors attracted by relative value versus loans but are not blind to risk
Floridian manager registered the vehicle in Ireland with article 8 SFDR classification
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Cosco Pacific has returned to the dollar bond market for the first time in a decade, closing a $300m 10 year deal. It sacrificed size for tight pricing and the lack of a rating turned some investors off — but the rarity of the credit, as well as its state ownership, ensured a solid result.
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Future Land Development Holdings made its dollar bond debut at the end of last week, managing to print a modestly oversubscribed $200m five non-call three deal on January 25, but investor fatigue amid a glut of Chinese property supply made execution difficult, said bankers.
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Indonesian tyre manufacturer Gajah Tunggal returned to the dollar market in style at the end of last week, selling a $500m five year non-call three deal that gave it the money to finance a tender offer. It pulled in huge demand, despite some investors thinking the pricing was tight.
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KWG Property Holdings, Petron Corp and Reliance Industries all turned to the dollar bond market this week, providing a neat illustration of what investors are willing to accept from perpetual bond issuers — and which structures will face their wrath when secondary trading opens.
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KWG Property Holdings turned away from the bond market only two weeks ago, giving up a perpetual deal. But when it returned this week with a more modest transaction — this time pitching a seven year non-call four bond — the developer found its fortunes much improved, and managed to price the deal with virtually no new issue premium.
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Melco Crown Entertainment priced a $1bn eight year non-call three bond on Wednesday, helping the company finance a tender offer for another dollar deal as well as repay a maturing renminbi note.