Standard Chartered
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Chinese companies came to the international bond market in force on Tuesday, just days ahead of a week-long holiday in the Mainland to celebrate National Day. -
State-owned Metallurgical Corporation of China (MCC) is seeking a debut $300m offshore loan for a project in Papua New Guinea.
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Bankers brought a flood of Middle East bond supply to market on Tuesday, with four separate issuers — the Kingdom of Bahrain, DP World, National Bank of Fujairah and Islamic Development Bank — all announcing guidance for deals. The notes follow an already heavy week of supply from the Gulf, with Abu Dhabi having printed a $10bn triple trancher on the same day.
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Strong investor appetite for Thai bank capital deals helped Kasikornbank beat expectations with its $800m Basel III-compliant tier two bond.
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Two Chinese companies tapped dollar bond investors on Monday. One of the most active issuers this year, Zhenro Properties Group, came out with an aggressively priced $300m transaction, while a district-level government financing vehicle sold its debut offshore deal.
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Korea Development Bank made a billion-dollar outing in the global bond market, and got away with offering very little premium to investors wooed by its safe haven status.
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Standard Bank is set to raise at least $500m by the end of the year, the latest in a series of loans raised by South African banks in the past few months. The deal is expected to have tighter margins than its previous deals, according to market sources.
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Hong Kong-based Li & Fung and Thai state-owned PTT have kicked off their liability management programmes, and plan to support their tender offers with new bonds.
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DP World, the company responsible for operating Dubai’s ports, is buying back two of its outstanding bonds, becoming the fifth EM borrower to do so in September.
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The Export-Import Bank of Korea (Kexim) turned to the Taiwanese market to raise Australian dollars, after finding a receptive audience for the currency.
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A range of Chinese issuers, including two property developers and a local government financing vehicle, have raised funds from the dollar bond market.
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