UBS

International bond volumes from India so far this year have almost doubled from the same period in 2019, showing the strength of the country’s issuers as they continue to emerge from a turbulent period. Debt bankers are optimistic that India is set for a strong 2020, writes Morgan Davis.

Chinese corporations bombarded investors with new bond options on Wednesday, allowing three issuers to raise $625m between then. Hong Kong-based asset manager ESR Cayman joined the fray in Singapore, grabbing S$225m ($161.55m).

Citic, Yango Group Co and Kunming Industrial Development and Investment Co were the three Chinese issuers that tapped bond investors for new dollar deals on Tuesday.

A pre-IPO investor in Just Eat, the UK takeaway delivery service, has sold a chunk of its stake in the company via an accelerated bookbuild led by UBS. The sale follows Just Eat's takeover by Dutch rival Takeaway.com.

India Infoline Finance, a non-banking financial company (NBFC), made its debut in the international debt market on Wednesday, raising $400m from a bond that paid a negative new issue premium.

Piraeus Bank took advantage of the recent hunt for yield in the euro market this week, pricing a new tier two with a yield of 5.5% on Wednesday. The €500m bond was eight times subscribed, which is testament to the prevailing hunt for yield in the bond market.

Korea Development Bank raised $1.5bn from the bond market on Monday as investors showed strong support for the Aa2/AA/AA- rated issuer.

Zhongliang Holdings Group Co has raised $250m from a 364-day deal, on the back of revived trading in Chinese high yield property bonds.

Piraeus Bank has mandated lead managers for the sale of a new tier two, as it looks to follow the success of its compatriot Alpha Bank. Greek banks have emerged as big winners in the secondary market recently, with investors shrugging off risks and focusing on ‘only the positives’.

Dollar bonds sold by Chinese high yield property companies recovered from their trading lows at the end of January to become some of the highest performing notes in Asia last week. While that has created some positive momentum for the deals set to come to the market soon, analysts remain cautious.

Thailand’s Central Retail Corp has priced the country’s largest IPO near the top of the marketed range, netting Bt71bn ($2.3bn) by navigating a volatile stock market.

The Development Bank of Kazakhstan (DBK) released initial price guidance for a tenge-denominated five year bond on Wednesday morning in London.