Standard Chartered
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With its latest dollar bond, China's Ministry of Finance may have demonstrated the sovereign’s market access and its credit strength even in a hostile trade environment, but a potential repricing of the China state-owned enterprises (SOEs) curve still seems unlikely, writes Addison Gong. -
Four Chinese state-owned enterprises (SOEs) were out in the dollar bond market on Wednesday, looking to seal trades ahead of a China sovereign bond sale on Thursday. But the volatility in the market presented a short-lived opportunity for debt sales and the borrowers’ new notes all slumped in the secondary market.
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Sonangol, the Angolan national oil and gas company, has entered the loan market after a two year absence, following a rise in oil prices.
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Afreximbank was able to launch a $500m five year dollar transaction, pulling in the spread despite what a banker at one of the leads called 'choppy conditions'.
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A spike in US Treasury yields on Thursday had a knock-on effect on bond spreads in Asia, posing an additional challenge for issuers ready to head out the gates next week.
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The International Finance Corp became the first issuer to launch a green Komodo bond — an offshore bond in Indonesian rupiah — on September 28. But the World Bank had the same idea: it launched a sustainability bond in rupiah the following week.
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The order book for Afreximbank’s revived five year dollar benchmark had filled with more than $1bn of orders by Thursday lunchtime, according to a banker close to the deal.
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Petrochemicals company Saudi Basic Industries Corporation (Sabic) and Qatari bank Al Khalij Commercial Bank printed bonds on Tuesday with no sign of investors wearying of Middle Eastern supply despite $12.5bn having been sold from the region since the start of September.
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The Ministry of Finance of the People’s Republic of China has mandated 12 banks to work on its planned $3bn return to the bond market, which could come next week.
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Petrochemicals company Saudi Basic Industries Corporation (Sabic) is in the market on Tuesday with a dual tranche dollar deal.
