Register for The Upcoming Bond Masterclass | 25% Discount
Sign up for the upcoming 8-module course designed & curated to help develop a comprehensive understanding of bonds along with practical and actionable insights on how to trade and advise on bonds better. The course will be conducted via Zoom over 8 modules on 27-30 September and 4-7 October (Monday-Thursday) at 5pm Singapore / 1pm Dubai / 10am London.
All attendees will receive a 1-month complimentary Premium subscription to the BondEvalue App, a certificate, presentations materials as well as 14-days access to video recordings to re-watch the sessions.
New Bond Issues
- Oxley Holdings S$ tap of 6.9% 2024s at 100
- Maldives’ HDC $ 250 mn 3Y sustainability at 13% final
- CCBI $ 5Y at T+100bp area
- Bank of China Sydney branch $ 3Y green at T+70bp area
- Jiayuan International $ tap of 11% 2024s at 13.25% area
ING Groep raised €1.5bn via a 7NC6 bond at a yield of 0.496%, 15-20bp inside initial guidance of MS+85-90bp. The bonds have expected ratings of Baa1/A-/A+. The bond is callable on 29 September 2027 at 100, and if not called, the coupon will reset on 29 September 2027 to the prevailing 3-month Euro Interbank Offered Rate (Euribor) + 70bps.
New Bonds Pipeline
- Clover Aviation Capital hires for $ bond
- Apicorp hires for $ 5Y green bond
- Dat Xanh Group hires for $ debut bond
- Helenbergh China hires for $ 270 mn 2Y green bond
- GD-HKGBA Holdings hires for $ 2Y bond
- NH Investment & Securities hires for $ 5Y bond
- Gansu Province Electric Power Investment hires for $ bond
- Fitch Upgrades Newell’s Long-Term IDR to ‘BB+’; Outlook Stable
- Genesis Energy L.P. Downgraded To ‘B’ From ‘B+’; Outlook Stable
- Gol Outlook Revised To Positive On Stronger Liquidity; ‘CCC+’ Ratings Affirmed; National Scale Rating Raised To ‘brBB+’
- Fitch Upgrades GOL to ‘B-‘; Outlook Stable
- Fitch Upgrades Signet to ‘BB’; Outlook Stable
- Fitch Upgrades ForteBank to ‘B+’; Outlook Positive
Term of the Day
SEC’s Rule 15c2-11
The SEC’s Rule 15c2-11 is a rule that governs the publication or submission of quotations by broker-dealers in a quotation medium other than a national securities exchange. Broker-dealers must review key, basic information about the issuer of the security before initiating or resume quotations. Market participants have typically largely considered it as an attempt to protect retail investors from predatory schemes and fraudulent activity in penny stocks, but has not explicitly excluded bonds from the list. Market participants fear that since there are corporate issuers that are not listed on stock markets and thereby do not regularly produce regular earnings reports, the market for price quotes on these companies’ bonds by broker-dealers may stall.
Top Gainers & Losers – 23-Sep-21*