News content
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Happy days are here again for the corporate bond market. After weeks of improving sentiment, investors are ready to start splashing the cash. Issuers that have brought deals are reaping the rewards, in big orderbooks and tighter new issue premiums.
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The fourth quarter is shaping up to be a strong one for ECM, despite the dark clouds that have hovered over the market. Another $5bn chunk of business was announced on Tuesday, when Standard Chartered launched a long-awaited rights issue to shore up its capital.
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Switzerland's largest canton returned to the Swiss franc market after a long absence on Tuesday with a 12 year deal that was heavily oversubscribed.
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China Life Insurance could soon be making another appearance in the international bond market, having obtained board approval for raising up to $3bn.
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Just four months after its inaugural covered bond, Singaporean lender DBS is once again looking to venture into the market, mandating four banks to run a series of investor meetings. But rather than targeting the same investor base, the issuer has set its sights on a sterling-denominated trade.
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Dali Foods Group Company has provided a burst of excitement to the Hong Kong IPO market, launching a HK$10.4bn ($1.34bn) listing that could become the biggest float by a privately-owned company in the city this year. Bankers are touting it as the first deal in a long time to conduct a real institutional bookbuilding, and it is also offering some diversification to investors.
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China Universal Leasing, which is seeking to change the benchmark of an offshore renminbi borrowing, is now simultaneously looking for a new Rmb800m ($126m) onshore loan.
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Avicem HK, a subsidiary of Shenzhen-listed Avic Electromechanical Systems Co, has wound up a €350m ($384.6m) loan with a group of four banks.
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AerCap Holdings, one of the largest aircraft leasing companies in the world, has approached the Asian loan market for a $300m refinancing, having met lenders in Taipei in May.
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The Privatisation Commission of Pakistan has issued a request for proposals to firms to help lead a sell-down in State Life Insurance Corp (SLIC).
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Shandong Gold Group launched a capped $300m trade on November 4, the first time it is venturing into the international bond market for funding.
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China’s decision to reform its parity mechanism has ushered in a new phase of volatility for both the onshore RMB (CNY) and its offshore counterpart (CNH). Beijing has said markets should welcome the volatility as a signal of its reduced influence on the currency. For market watchers, external forces will be equally crucial to its success.