News content

Hong Kong has taken another step in its bid to become a regional Islamic financing hub, pricing a new $1bn sukuk this week. But rather than repeat the common ijara structure that it adopted in 2014, this time around the government chose an asset-light wakala format to set a new benchmark for its private sector, writes Rev Hui.

RCI Banque, the finance arm of Renault, raised €750m with a seven year bond on Wednesday. While some away from the deal thought the size was ambitious, the bond traded well in secondary.

The Republic of Korea has mandated two banks for a credit update with bond investors in London next week.

CMA CGM, the French container shipping company, is offering $800m-equivalent of senior unsecured notes to refinance some of its old bonds, after being upgraded by Moody’s to B1.

Air Liquide, the French producer of industrial gases, returned to the bond market on Wednesday after a one year absence. It had a strong order book for a no-grow trade, allowing the leads to tighten well from initial price thoughts and price with a minimal premium.

Dalian Port (PDA) Company has received the green light from the State-owned Assets Supervision and Administration Commission (SASAC) in China to raise funds via a private placement of H-shares.

Guangzhou Communications Investment successfully wrapped up its debut outing to the dollar bond market on May 27. Despite the crowded pipeline, orders flooded in and the investment platform for the Guangzhou government managed to achieve both its size and pricing goals.

Lenovo Group, a Hong Kong-listed computer technology company, is set to give another boost to the recovering dim sum bond market by launching roadshows for a debut CNH offering next week, market sources have told GlobalRMB. Two other names are also preparing deals.

Abu Dhabi Islamic Bank (ADIB) will ask shareholders to raise the banks’ tier one sukuk programme from $2bn to $3bn to keep track with ADIB’s expansion.

Tieto, the largest IT services company in the Nordic region, has refinanced its flagship revolving credit facility, increasing it from €100m to €150m.

UK-based insurer Aviva looked to reopen the tier two market on Thursday with a long dual tranche trade, while some senior projects were said to be held as the market widened.

Emirates NBD has sold a trio of private medium term notes, including its largest MTN in the currency, as Japanese demand grows for the name.