Morgan Stanley
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Two issuers completed intraday bonds on Tuesday, raising hopes of renewed activity in the primary high yield market, following a week in which not a single new deal was priced. -
The much talked about Bank of China (BoC) additional tier one capital (AT1) transaction is finally taking shape, with Asian and European roadshows scheduled to begin on October 10, according to bankers on the trade.
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The evolution of the green bond market took another big step forward this week as two of Europe’s biggest borrowers launched dollar benchmarks in green format for the first time — and another European agency prepared a second green bond in euros.
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State-owned Korea Water Resources Corporation has returned to the offshore market following a nine year absence, setting final guidance at 110bp over Treasuries for the 3.5 year bond.
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FWD Life Insurance Company has made HK$1.09bn ($141m) by selling its entire stake in HKT Trust and HKT Limited, in a block trade that saw strong demand despite turbulent market conditions overnight.
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Mobile phone maker Xiaomi’s $1bn dual tranche loan has netted commitments from seven lenders that made it in time for the loan’s early bird deadline in general. These banks will earn an early bird fee of 15bp for getting commitments in by October 6.
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Investors are pricing in fair value for additional tier one capital (AT1) preference shares for China’s big four banks at an average of 7.16%, according to a Morgan Stanley survey.
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Technology companies GalaxyCore and M800 Group are mulling a listing on the Hong Kong Stock Exchange, as the market prepares for a busy rest of the year.
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Record volumes of bonds and equities globally have boosted Asia Pacific investment banking revenues close to their record high. The first three quarters of the year generated a total of $10.5bn, a double digit increase on the same period last year, according to Dealogic.
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The lack of a securities lending market for green bonds could be stifling the ability of banks to make markets in the product, leaving the buyside struggling to pick up paper in secondaries, a leading investor told GlobalCapital this week. But on the primary side, green demand grows ever healthier, with another set of firsts from public sector borrowers on the way.
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A pair of top quality issuers were the only borrowers in the sovereign, supranational and agency sector to get benchmarks away this week, as conditions that have been sizzlingly since the summer break showed signs of cooling.
