Standard Chartered

Zhenro Properties Group has ended the long absence of Chinese property companies from the dollar bond market, raising $200m from a transaction that was more than 10 times oversubscribed at its peak.

REC became the first Indian issuer in two months to hit the international bond market this week, raising $500m. The power company managed to navigate cumbersome restrictions for its deal, but other potential issuers from the country will find the path much more challenging, writes Morgan Davis.

High grade corporates filled the primary bond market again on Wednesday, with issuance levels this week looking likely to hit almost €20bn on the back of record weekly European Central Bank bond buying.

REC became the first Indian issuer in two months to hit the international bond market, raising $500m on Tuesday. While the deal was a success, it also shed some light on the restrictions and challenges being faced by the country’s issuers amid the Covid-19 pandemic.

The Kingdom of Bahrain moved emerging markets’ bond recovery beyond top tier issuers on Thursday as it printed a $2bn dual tranche dollar trade that raked in $11bn of demand.

The Kingdom of Bahrain has mandated banks to arrange a dual tranche bond transaction that is set to test the depths of Gulf Cooperation Council (GCC) recovery in EM bond markets.

Bank Mandiri has continued the flow of Indonesian dollar bonds in the primary market, raising $500m on Tuesday with just a small 5bp new issue premium.

Qatar National Bank issued its third bond of the year on Tuesday, pulling in $3.5bn of orders by the time it released guidance for a five year deal that affirmed the market access for the top tier names in emerging markets.

The Asian dollar bond market is set for a quiet week for issuance because of public holidays across a number of countries and as investors continue to battle volatility induced by Covid-19 and renewed US-China trade tensions.

The Republic of the Philippines printed one of its largest bonds on record this week at exceptionally tight levels, taking $2.35bn from a dual-tranche deal. The sovereign gave investors what they wanted: long tenors, attractive initial pricing levels and full clarity on the impact of Covid-19 on the country, writes Morgan Davis.

The Republic of the Philippines pushed its bond maturities further this week, selling a 25 year note alongside a 10 year portion. The deal raised a combined $2.35bn, making it one of the country's largest trades.

Adani Electricity Mumbai has decided to close its debut offshore borrowing as a club deal with eight banks, bringing an end to long-running discussions about a possible syndication.