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Asia

Xiaomi makes a splash with $4bn CB/top-up

Smartphone maker Xiaomi Corp pocketed $3.96bn this week from a record top-up placement and concurrent convertible bond issue. Investors flocked to the transaction for its rarity value, investment grade rating and the offer of a liquid and volatile stock. Jonathan Breen reports.

Jonathan Breen, December 03, 2020
Asia

Volkswagen ends dim sum hiatus despite tight year-end liquidity

Germany’s Volkswagen ended an absence of almost seven years from the offshore renminbi bond market this week, braving a year-end dip in liquidity to seal a Rmb1bn ($153m) deal. It offered yet another diversification opportunity for the carmaker, which is already a well-established name in China’s onshore securitization market. Addison Gong reports.

Addison Gong, December 03, 2020
Asia

Asian banks get ahead of Libor transition with switch doc, RFR templates

A possible delay to the final retirement of Libor as the benchmark lending rate on dollar loans is set to offer banks and borrowers a bit more breathing room to make the transition. But in Asia, loan market participants have largely shrugged at news, deciding to press ahead with their plans for a post-Libor world.

Pan Yue, December 03, 2020
Asia

Philippines sets new records in dollars

The Republic of the Philippines sold its largest international bond in more than a decade this week, raising $2.75bn from a deal that received strong support from investors confident about the country’s control of Covid, and its outlook. It even managed to get away with a record low coupon on one of the tranches.

Morgan Davis, December 03, 2020
Asia

Kerry Express launches $278m Thai listing

Thai express delivery company Kerry Express launched its IPO this week, aiming to raise up to Bt8.4bn ($278.2m) in proceeds.

Jonathan Breen, December 03, 2020
Equity

Investors running on fumes as ECM deals rumble on

Equity capital markets deals have come thick and fast this year and even December has proved no exception, with issuance every day so far. But investors are warning of deal fatigue, meaning issuers and banks need to be careful not to push too hard on trades that have only a marginal chance of success.

Sam Kerr, December 03, 2020
Asia

New World locks up $700m perp

Hong Kong property company New World Development Co used a fixed-for-life perpetual structure to net $700m on Wednesday.

Morgan Davis, December 03, 2020
Asia

Huaneng, Sichuan Languang bag new dollar deals

Chinese state-owned electricity company China Huaneng Group Co sold two tranches of perpetual bonds on Wednesday, raising $1bn.

Morgan Davis, December 03, 2020
Asia

Hong Kong’s Airport Authority flies away with $1.5bn perpetual

Investors took a long-term view on Hong Kong Airport Authority’s $1.5bn perpetual bond on Tuesday, shrugging off any Covid-19 related travel concerns to place $14.5bn of orders. Morgan Davis reports.

Morgan Davis, December 03, 2020
Supras and agencies

Funding scorecard: supranationals

This week's funding scorecard looks at the progress supranationals have made in their funding programmes at the end of November, with some issuers also setting their targets for 2021 and starting pre-funding.

Frank Jackman, December 03, 2020
EM LatAm

Bahamas tightens tap to wrap up funding

The Commonwealth of the Bahamas raised $225m of 12 year money on Wednesday, taking advantage of a strong rally in its most recently issued bonds to tap markets 125bp inside where it did less than two months ago.

Oliver West, December 03, 2020
EM LatAm

Brazil offers pick-up to tap three bonds

After monitoring bond markets for several weeks, Brazil took the plunge on a slightly softer day on Wednesday to raise $2.5bn via the reopening of three different notes.

Oliver West, December 03, 2020

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