Morgan Stanley
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Chinese corporate bonds issued with standby letters of credit from banks are the closest thing to a mispriced asset in Asia and are the most attractive part of China credit, according to Morgan Stanley. -
Hedge funds are buying 12-month put options on US dollar, offshore Chinese yuan, targeting 6.50 and above, in a bid to hedge their core short USD, onshore yuan positions, according to traders.
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The prospect of rising interest rates did not stop Mexican conglomerate Grupo Alfa raising 30 year money as part of its debut dollar bond on Thursday as a more hawkish than expected US Federal Reserve did little to hinder new issues from Latin America.
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Abengoa has increased its seven year high yield bond to €500m. The Spanish engineering and renewable power group priced it at the tight end of guidance on Friday.
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US interest rates are likely to rise next year. Janet Yellen dared say as much at her maiden press conference as Federal Reserve chair on Wednesday, provoking a swift rise in the Treasury curve.
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Rumours of the death of one of the most enduring relationships in global mergers and acquisitions are exaggerated, says David Rothnie.
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Abengoa, the Spanish engineering and renewable power group, wants to issue €400m of seven year senior notes on Friday to prefund a 2015 bond maturity.
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BNP Paribas’ Frank Kwong has moved to the bank’s Tokyo office to joining Kenichi Osawa as co head of debt syndicate Japan.
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Plenty Gold Enterprises raised HK$1.12bn ($143m) by reducing its controlling stake in China’s Sihuan Pharmaceutical Holdings Group on March 17.
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Corporate investors are increasingly restructuring their US dollar, offshore yuan target redemption forwards following the currency pair’s move higher to 6.20 this week, a key downside barrier many of the deals were structured with.
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Swiss travel agency Bravofly Rumbo launched a €120m IPO on Wednesday, as a run of IPOs jump in before the Easter break.
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Crossover credits ArcelorMittal and Fiat took advantage of a strong market to sell five and seven year euro benchmark bonds on Tuesday.
