Standard Chartered

Two Chinese real estate companies sold sub-one year bonds on Thursday, raising $350m between them.

Supply was light in the US corporate bond market this week, partly because the May non-farm payrolls report is due on Friday. Participants are braced for volatility after the US Federal Reserve announced on Wednesday it would start selling its holdings of corporate bonds, purchased as a stimulus measure at the height of the pandemic. It was left to Vodafone of the UK to reopen new issuance after the Memorial Day holiday.

Indian company Tata Motors' subsidiary TML Holdings has printed its largest dollar bond so far, raising $425m at a low yield.

A HK$2bn ($257.9m) loan to support a CVC Capital Partners-led consortium’s privatisation of Hong Kong fashion retail firm I.T has been launched into general syndication.

Philippine company SMC Global Power Holdings Corp returned to the dollar bond market for the first time this year on Wednesday, meeting strong-enough demand to boost the size of its deal and offer just a small premium.

Zhenro Properties Group visited the offshore bond market for the fourth time in 2021 this week, adding another $340m to its coffers.

Mamoura Diversified Global Holding sold a dual tranche dollar bond featuring a Formosa tranche on Thursday. Formosa bonds have been gaining traction among Middle East issuers as they seek to tap into Asian investor demand.

In a rare international bond issue from Pakistan, state-owned Water and Power Development Authority has issued the country's first responsible investment-labelled bond. It was also Wapda's debut dollar bond.

Times China Holdings, Yango Group and Greenland Hong Kong Holdings, all of which are real estate developers, raised $840m between them from the bond market on Thursday, continuing a recent revival in issuance from the sector.

Days after it sold a private placement, Mamoura Diversified Global Holding returned to the bond market on Thursday for a dollar dual trancher. The syndication will include a Formosa tranche.

The Emirate of Abu Dhabi raised $2bn on Tuesday, in a deal that bankers said achieved one of the largest negative new issue premiums on any sovereign dollar investment grade bond so far this year.

A handful of Chinese investment grade names bombarded the dollar debt market on Tuesday, taking more than $2bn.