Mizuho

Investors gobbled up Hong Kong Telecommunications (HKT)’s $500m bond outing, despite a busy day for new issuance and the ongoing turmoil in the Hong Kong SAR.

Chinese companies came to the international bond market in force on Tuesday, just days ahead of a week-long holiday in the Mainland to celebrate National Day.

Budweiser Brewing Company Apac has raised HK$39.2bn ($5bn) after pricing its IPO at the bottom of guidance, and partially using an increase option. It was the company’s second attempt at listing in Hong Kong.

Korea Development Bank made a billion-dollar outing in the global bond market, and got away with offering very little premium to investors wooed by its safe haven status.

Budweiser Brewing Company Apac has revived its Hong Kong IPO two months after a headline-grabbing flop. But a smaller target size, a stamp of approval from a high-profile cornerstone investor and the off-loading of an unattractive chunk of its business all mean that the firm has a better chance of success this time around. Jonathan Breen reports.

Besides the rare offering of a Chinese issuer on Wednesday, when Jin Jiang International issued a €500m bond, euro corporate bond investors had to make do with two other deals, from Telenor and Mondelez.

China Orient Asset Management Co (Orient AMC) priced an almost 10 times covered dual-tranche bond with strong backing from its lead manager consortium. The borrower went out without a keepwell deed from the onshore entity, but investors were undeterred by the structure.

A smaller deal size, a high-profile cornerstone investor and plenty of early engagement with investors have put Budweiser Brewing Company Apac’s second attempt at a Hong Kong IPO on solid ground.

No less than three dual tranche corporate bond deals hit the market on Tuesday, as BMW, Abertis, and AbbVie jostled for the attention of investors with €2bn, €1.5bn and €1.4bn deals.

Indonesian state-owned power company PLN has diversified its funding sources. It debuted in the Samurai market, raising ¥23.2bn ($215m) from three bonds while paying a small premium over its outstanding dollar curve.

SSA issuers turned towards niche currencies this week to meet a range of demand across the Australian and Canadian dollar curves. KfW and the Asian Development Bank started the week printing in Australian dollars, before the World Bank joined them in the currency while also returning to the Maple market.

Mexican state-owned oil giant Pemex emphatically showed it has access to capital markets on Thursday as it received more than $35bn of orders on the way to a $7.5bn trade that could grow as existing bondholders participate in an exchange.