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New Bond Issues
Agile Group Holdings raised $400mn via 364-day notes at a yield of 4.85%, 40bp inside the initial guidance of 5.25% area. The unrated bonds received orders over $2bn, 5x issue size. Asian investors were allotted 97% and EMEA 3%. Fund/Asset managers and pension funds received 60%, banks and financial institutions 22% and private banks 18%. Proceeds will be used for debt refinancing and general corporate purposes. Agile’s new bonds offer a new issue premium of 40bp over its older 5.125% bonds due August 2022 that are currently yielding 4.45%.
Yuzhou Group raised $200mn via 1.75Y non-call 1Y green bonds at a yield of 9.966% on Thursday. The bonds have an expected rating of B+ by Fitch, in line with the issuer rating as per IFR. The new bonds were priced a solid 210bp inside its older 8.5% bonds due February 2023 that are currently yielding 12.07%, indicating a strong greenium on the new bonds.
SGX raised $250mn via a 5Y bond at a yield of T+40bp, 30bp inside the initial guidance of T+70bp area. The bonds have expected ratings of Aa2 by Moody’s and received strong orders of over $2.8bn, 11.2x issue size. Proceeds will be used to fund SGX’s investments, debt refinancing and general corporate needs.
Taizhou Urban Construction and Investment Development Group raised $500mn via a 3Y bond at a yield of 2.05%, 30bp inside the initial guidance of 2.35% area. The bonds have expected ratings of BBB and received orders over $1.85bn, 3.7x issue size. Proceeds will be used to refinance debt, fund project construction and development and supplement working capital. There is a put option at 101 if a change of control covenant is triggered. The issuer is a strategic funding vehicle for the Taizhou municipal government.
Zhuhai Huafa Group raised $200mn via a 3.5Y bond at a yield of 2.95%, 40bp inside the initial guidance of 3.35% area. The bonds have expected ratings of BBB and received orders over $2bn, 10x issue size. Proceeds will be used for offshore debt refinancing and offshore business operation. The bonds will be issued by Huafa 2021 I Co with a guarantee from Zhuhai Huafa. Zhuhai Huafa is owned by Zhuhai municipality in southern China and is the largest government-related entity and primary urban developer in the city. It deals in urban operation, financial services and property development.
Huainan Construction Development Holdings raised $200mn via a 3Y credit enhanced bond at a yield of 2.8%, inline with the initial guidance. The bonds are unrated. Proceeds will be used for the construction of urban sewage pipeline network upgrade projects within the Huainan municipality and to replenish working capital. The bonds are backed by an irrevocable standby letter of credit by Huishang Bank Corp.
Lionbridge Capital raised $150mn via a 364-day notes at a yield of 5.8%, inline with the initial guidance. The unrated bonds will be issued by wholly owned subsidiary New Lion Bridge and guaranteed by Lionbridge. The notes will also have a keepwell deed support from CCB Trust, a 67%-owned subsidiary of China Construction Bank. Proceeds will be used for debt refinancing, general corporate and working capital purposes.
Japan Finance Organization for Municipalities (JFM) raised €1bn via a 10Y bond at a yield of MS+18bp, 2bp inside the initial guidance of MS+20bp area. The bonds have expected ratings of A1/A+ and received orders over $1.85bn, 1.9x issue size.
New Bonds Pipeline
- Adani Green Energy $ 144A/Reg S senior secured green bond
- Moody’s upgrades Macy’s CFR to Ba2; outlook stable
- Fitch Upgrades Gruma’s IDR to ‘BBB+’; Outlook Stable
- Adani Green Energy Ltd. Restricted Group 2 Issue Rating Lowered to ‘BB’ By S&P After Correction Of Criteria Misapplications
- Moody’s downgrades Cielo to Ba2, stable outlook
- Moody’s downgrades Endo’s CFR to Caa1; outlook negative
- Moody’s reviews Nanyang Commercial Bank’s deposit ratings for downgrade
- Moody’s puts Cinda HK’s A3 ratings on review for downgrade
- Fitch Revises Athene’s Outlook to Positive; Affirms Ratings
- Moody’s affirms Banco Santander Mexico’s Baa1 ratings; outlook change to stable
- Moody’s affirms ratings of Banco Santander Mexico’s cross border issuances; outlook change to stable
- BHP Group Captive Insurers ‘A’ Ratings Placed On CreditWatch Negative By S&P
- Moody’s assigns Baa2 issuer rating to Jefferies GmbH, outlook positive
- Fitch Affirms Mondelez International, Inc. at ‘BBB’; Withdraws All Ratings
Term of the Day:
Jackson Hole, Wyoming is the location of The Federal Reserve Bank of Kansas City’s annual monetary policy symposium, one of the most important events attended by central bankers and economists across the globe. The conference will be held virtually for the second year running, after the Fed announced in July that the in-person event will be cancelled, the clearest sign yet of the impact of the Delta variant on the Fed’s plans.
The symposium has an interesting history with the venue being shifted to Jackson Hole in 1982 to entice then Fed Chair Paul Volcker to attend. Volcker was an avid fly fisherman and Jackson Hole has world class trout fishing.
Top Gainers & Losers – 27-Aug-21*