Morgan Stanley
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China's SAIC-GMAC Automotive Finance wants to raise Rmb3bn ($473.7m) from an asset-backed securitization on Monday. -
The new issue US dollar bond market roared back to life as volatility dropped and corporates took advantage of favourable conditions with $17bn of supply coming from 19 borrowers.
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Japanese heavyweights MUFG and Mizuho hit the US dollar bond market in size as volatility eased this week before Bank of America grabbed the spotlight with a $6bn deal to boost its regulatory capital buffers.
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The total issuance of investment grade corporate bonds in February was an underwhelming €14.8bn but the property sector has outshone all others in 2018 and this week was no different as investors had further diversification to consider.
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The first of Hong Kong’s post-Lunar New Year IPOs got going this week. China Boqi Environmental Holdings hit screens with a HK$908m ($116m) transaction.
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March could be the month Indian international bond issuance soars. Corporations from the country are ready to hit the offshore debt market as a weaker domestic market puts pressure on fundraising.
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Baidu-backed video streaming service iQiyi and Chinese hotel operator GreenTree Hospitality Group are readying a pair of US IPOs for the end of March to raise a combined $1.7bn.
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Dongfeng Nissan Auto Finance will be returning to the Chinese asset-backed securities market on March 8 with a Rmb4.5bn ($710m) dual-tranche deal on the interbank market — the largest transaction by a foreign name originator so far this year.
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Investors interested in Chinese property bonds had plenty to choose from this week. Eight high yield real estate names raised more than $2.4bn in dollar bonds, with yields ranging from low-6% to over 10%.
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Europe’s syndicated loans bankers say recent transactions highlight how cut-throat the market is for lenders, as the European Commission gets under way with a study on market practices.
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French commercial property company Carmila returned to the investment grade bond market after two years away and received a positive response from investors for its longest maturity to date.
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Four of the six deals in the primary market in Asia on Tuesday were from Chinese real estate companies. But despite the inevitable competitive dynamics between the trades, Modern Land (China) Co, Yuzhou Properties Company, Guorui Properties and Tahoe Group Co were all able to meet their targets.
