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New Bond Issues
- KWG Group $ tap of $ 5.95% 2025s bond at 6.65% area
- Starhill Global REIT $ 7Y bond at 2.35% area
NEA S$ 10/30Y benchmark green bond at 1.67%/2.55% area
New Bonds Pipeline
- DBS Group hires for $ 5.5Y bond; calls today
- JSW up to $1bn planned issuance
- ICBC $6bn AT1 perp
- JR East £ 7Y and € 13Y/18Y tranches
- China Everbright Bank Luxembourg branch plans $ 3Y bond offering
- Fitch Upgrades Compania General de Combustibles IDR to ‘B-‘; Outlook Stable
- Moody’s upgrades CSN’s ratings to Ba2; stable outlook
- Fitch Downgrades Xinyuan to ‘CCC’
- Moody’s downgrades Guangzhou R&F to B2 and R&F HK to B3; reviews ratings for further downgrade
- Cyprus Outlook Revised To Positive On Solid Economic Prospects; ‘BBB-/A-3’ Ratings Affirmed
- Fitch Revises Vesta’s Outlook to Positive and Affirms IDRs at ‘BBB-‘
- Fitch Revises Goodyear’s Outlook to Stable; Affirms IDR at ‘BB-‘ and Removes UCO
- Fitch Revises NIBC’s Outlook to Stable; Affirms at ‘BBB’
- Moody’s assigns Ca rating to the Province of Buenos Aires proposed series A, B and C notes due 2037, affirms Ca issuer and debt ratings and changes outlook to stable from negative
Term of the Day
Solar bonds are bonds issued to help US individuals finance the purchase of rooftop solar panels to power their homes as per WSJ. The bonds are backed by a bundle of loans made to homeowners for for purchase of solar panels and are being issued by financing companies that specialize in residential solar power panels like GoodLeap, Sunnova Energy and Solar Mosaic. WSJ adds that solar bond issuances have hit $2bn in 1H2021 almost double the levels of 2019 and 2020.
“This is the first year in a while where we’ve had good markets, a ton of committed pipeline ready to come out, as well as both a functioning bank loan and bond market,” he said. “A lot of new deals are coming in at the same time.” “It’s going to be higher for longer on deal volumes,” he said.
On green bond sales heading for records as investors expect issuances from sovereigns
“I think everyone will try to have their own green bond, but the EU issuance is definitely what everyone should focus on.” “This month may be big because you have Germany and Spain, but it’s not going to be the biggest.”
On Euro junk bond yields below inflation for first time – Barnaby Martin, head of credit strategy at Bank of America
According to Liu, there are firms “where you know they have cash, they have
financing channels and they can repay perfectly fine” and have become “a lot
more attractive to come in and buy.” “There are situations where the recovery rate is a lot higher than where the bond prices are because there’s no natural buyer at this stage.”
On Chinese officials pledging to tighten supervision in the financial services industry – Chen Yulu, deputy governor of the People’s Bank of China
“We will enhance the effectiveness and professionalism of financial regulation, build all kinds of firewalls to resolutely prevent systemic risks,” Chen said.
On emerging market corporate bond sales reaching record high this year
“Issuers are taking advantage at still-favourable financing conditions to refinance their debt and cover future financing needs,” he said. “Delayed economic recoveries can be especially harmful for those entities linked to tourism and related services, which have not yet recovered.” “In Latin America, restaurants, airlines and airports, gaming, and leisure continue to suffer from the abrupt contraction in demand last year and likely won’t recover until immunisation programmes across the region.”
On emerging currencies in ‘sweet spot’ for carry trades
Top Gainers & Losers – 06-Sep-21*