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Asia

Mapletree Industrial raises S$823m for acquisition

Singapore real estate investment trust Mapletree Industrial Trust has raised S$823.3m ($618.3m) from a sale of new units to fund data centre acquisitions, with the deal receiving a warm welcome from investors despite not being very well flagged.

Jonathan Breen, May 21, 2021
Asia

Chinese LGFVs reopen bond market

Two Chinese local government financing vehicles (LGFVs) raised a combined $480m on Thursday, following a quiet start to the week due to a public holiday.

Morgan Davis, May 21, 2021
Asia

BYD parks internationally rated ABS amid deal flurry

The ABS frenzy in China’s domestic market continued unabated this week, with three more originators launching their transactions. This included BYD Auto Finance Co, which made its internationally rated debut.

Addison Gong, May 21, 2021
Asia

OVL taps loan market for bond refi

ONGC Videsh (OVL), the overseas business unit of Indian state-owned Oil and Natural Gas Corp, is plotting a new dollar loan to refinance a looming bond maturity.

Pan Yue, May 21, 2021
Emerging Markets

PKN Orlen green debut heralds wave of transition financings in CEE

Sustainable bond issuance from central and eastern Europe is set to rise as issuers face growing pressure from investors to show they are embarking on the transition to a lower carbon economy, even if governments in the region are still dragging their feet, writes Jon Hay.

Jon Hay, May 20, 2021
Corporate Bonds

Taper fears drag US corp bonds into volatility

Dollar corporate bond issuers had to pick their windows carefully this week, as inflation worries and hawkish minutes from the Federal Reserve’s latest meeting hit new issue spreads.

David Rothnie, May 20, 2021
EM LatAm

Argentina doubts high despite Paris Club hopes

Official and multilateral lenders are taking a lenient stance on perennial defaulter Argentina but bond investors are increasingly sceptical whether the IMF programme that the sovereign says it wants will turn its fiscal position around. Markets are pricing in another default within a few years, despite a rebound in bonds this week, while eccentric policy decisions continue to frustrate bondholders.

Oliver West, May 20, 2021
Sovereigns

Rocky markets will reward nimble issuers

Sovereign, surpranational and agency borrowers have endured a rough week in the euro market. Trust in the ECB’s support is flagging and inflation is threatening to return. It’s going to be a bumpy ride and issuers that can steer clear for now would do well to.

Lewis McLellan, May 20, 2021
Supras and agencies

ECB worries send volatility shooting through rates mart

Inflation fears are biting European markets just as investors seem to be losing confidence in the ECB's support of the market. The first bow waves of a European taper tantrum rocked rates this week as primary markets did their best to plough on. The European Union braved the volatility to land a colossal deal, while two covered bond issuers fared worse. Lewis McLellan and Bill Thornhill report.

Bill Thornhill, May 20, 2021
CLOs

Spac boom boosts CLO credit quality

The explosion of special purpose acquisition companies (Spacs) may have drawn widespread criticism as evidence of an over-heating equity market but in turn the CLO market has benefited. Spacs have pumped equity into a number of highly leveraged companies, enabling lenders to get their money back. This has allowed CLO managers to enjoy a boost in credit quality, writes Paola Aurisicchio.

Paola Aurisicchio, May 20, 2021
Senior Debt

Euro senior borrowers look to beat rising spreads

A trio of firms slipped into the market to place senior paper this week, and with spreads threatening to creep wider, bankers were keen to see lenders make use of the windows available.

Frank Jackman, May 20, 2021
High grade and crossover bonds

IG corporate euro issuers battle tough week

Europe’s high grade corporate bond issuers had a tough week in the primary market after inflation fears sent investors fleeing risk.

Mike Turner, May 20, 2021

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