Standard Chartered

India’s non-banking financial companies have been under fire for the past year, after the collapse of Infrastructure Leasing & Financial Services (IL&FS) in 2018 spooked investors and dragged down the sector. But Muthoot Finance, a gold financier, proved this week that some capital-starved NBFCs can still find an audience in the international bond market. Morgan Davis reports.

CLP Power Hong Kong came to the dollar debt market after a four-year hiatus, pricing a $500m subordinated perpetual deal that was sought after in the primary and secondary markets ahead of an old bond’s first call date.

Power Construction Corp of China (PowerChina) took advantage of the growing popularity of perpetual bonds to raise $300m on Tuesday.

Hong Kong's Li & Fung added $100m to its 4.375% 2024 bond on Tuesday, boosting the total size of the deal to $500m.

Muthoot Finance raised $450m from its maiden dollar bond on Monday, after showing investors the difference between its operations and that of other beleaguered Indian non-banking financial companies (NBFCs).

China Jushi, which makes fibreglass, is seeking a $150m debut borrowing through sole mandated lead arranger and bookrunner Standard Chartered.

China Huarong Financial Leasing Co and two local government financing vehicles (LGFVs) based in the coastal province of Jiangsu came to the offshore bond market to raise $300m each.

Citic Securities Co returned to the offshore market with a $700m dual-tranche transaction. The deal included a five year bond, a rarity from a Chinese securities house in recent years.

The Emirate of Sharjah shrugged of any concerns about broader volatility in emerging markets on Wednesday, to price a 10 year sukuk flat to its curve.

Industrial Bank of Korea (IBK) raised $600m on Wednesday from a combination of fixed and floating rate notes.

Banque Ouest Africaine de Développement (BOAD) was able to tighten pricing beyond guidance on a 12 year bond, one of its longest dated issues, this week.

Aldar Investment Properties has raised a 10 year $500m sukuk, achieving a tightening of 35bp beyond initial guidance.