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Asia

Double tap: Sunac nets $320m from two bonds

Sunac China Holdings tapped two of its dollar bonds on Thursday, using up the $320m left of its offshore issuance quota.

Morgan Davis, November 27, 2020
Asia

Datang kicks off $198m Hong Kong listing

Chinese property developer Datang Group Holdings has set its IPO in motion, opening the book for an offer that could fetch up to HK$1.5bn ($197.9m).

Jonathan Breen, November 27, 2020
Leader

UK infra investment needs more credibility, not more capital

There is every reason to be sceptical of the UK’s plan for a national infrastructure bank. Infrastructure is hard to finance because governments are unreliable. Combining hard assets expected to pay back over 30 years with democratic governments that change course every few makes private investors reluctant to treat long-term infra projects as a pure matter of credit risk.

Jasper Cox, November 27, 2020
SRI

Jumble of ESG standards groups begins to clear as two merge

The first move has been made to consolidate the alphabet soup of industry bodies that try to raise standards in corporate reporting on environmental, social and governance issues — an essential feedstock for responsible investing. More mergers are likely as the private sector races to strengthen its influence before regulators take control.

Jon Hay, November 26, 2020
EM LatAm

EM sovereigns home and hosed for the holidays

The coronavirus pandemic means many parts of the US are experiencing an unusual festive period. But emerging markets sovereigns broke another Thanksgiving tradition by flooding primary bond markets with new deals on what is usually a quiet week for new issues — even as levels of stress are rising sharply at the riskier end of the asset class. Oliver West and Mariam Meskin report.

Mariam Meskin, November 26, 2020
SRI

Enel seeks pivot in EU Green Deal aid

Enel is planning €10bn of extra renewable energy investment in Europe, as a result of the support it hopes to get from the European Union’s €750bn recovery fund. But it believes the EU should refine its aid to subsidise sustainable finance more directly.

Jon Hay, November 26, 2020
EM LatAm

Bondholders pile pressure on Arg provinces

The Province of Neuquén has become the fourth Argentine regional or local government to wrap up a debt restructuring this year. But with most provincial issuers struggling to reach agreements with creditors, several provinces’ bondholders have joined forces to bolster their negotiating position. This may help bondholders force the provinces to offer deals that are better than those the national government wants both sides to make.

Oliver West, November 26, 2020
Market News

Green experts hopeful on new UK infra bank

A new UK national infrastructure bank, announced by the government on Wednesday, is set to be up and running quickly, although details remain thin on the ground. While framed around infrastructure, a big part of its mandate could relate to the country's net zero carbon plans.

Jasper Cox, November 26, 2020
Investment Grade Loans

Mercuria and Gunvor bring more banks into fold for US facilities

Mercuria and Gunvor, the Swiss commodity and energy trading firms, have signed credit facilities for their US businesses, with both companies adding more banks to the deals.

Mike Turner, November 26, 2020
Senior Debt

Bank senior market teeters on brink of first negative yielding print

European banks are running out of ways of selling senior bonds at positive yields. A near-miss from Svenska Handelsbanken this week was enough to convince the market that it’s only a matter of time before an issuer breaks the 0% barrier, write Tyler Davies and Frank Jackman.

Frank Jackman, November 26, 2020
SSA

Record borrowing but debt sustainability a distant concern for UK

UK government borrowing is rocketing, with the country intending to borrow £485.5bn in its 2020/21 financial year. This has already pushed up its debt to GDP ratio over 100%, but the announcement of next quarter’s £92bn remit caused scarcely a ripple in the Gilts market on Wednesday. Market participants believe that any problems of debt sustainability or spiralling inflation are too distant a prospect to trouble them, writes Lewis McLellan.

Lewis McLellan, November 26, 2020
Asia

MUFG seeks model change in quest for growth

MUFG is overhauling personnel and its business model to try to escape a cycle of low returns, writes David Rothnie.

David Rothnie, November 26, 2020

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