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New Bond Issues
- Sun Hung Kai $ 5Y bond at 5.35% area
- Kaisa Group $ 364-day bond, FPG at of 11%
- Jinan Financial Holding $ 3Y bond at 4.2% area
- Chongqing International Logistics Hub Park Construction $ bond tap of $160mn 5.3% 2024s, FPG at of 5.3%
Zhenro Properties Group raised $250mn via a 363-day green bond at a yield of 6.93%, 47bp inside the initial guidance of 7.4% area. The bonds have expected ratings of B+ and received orders over $2.8bn, 11.2x issue size. Proceeds will be used for debt refinancing. Asia and EMEA took 95% and 5% respectively. Fund and Asset Managers took 89% and private banks 11% respectively. The new bonds offer a new issue premium of 65bp over its older 8.7% bonds due August 2022 that are currently yielding 6.28%.
Xuchang General Investment raised $53mn via a 3Y bond at a yield of 4.8%, inline with the initial guidance. The proceeds from the unrated bonds will be used for project construction and general corporate purposes. The issuer is a municipal infrastructure construction and operation entity in Xuchang city in China’s Henan province.
New Bonds Pipeline
- Japan Tobacco hires for $ 10Y, $ 30Y Formosa to fund tender offer
- Adani Green Energy $ 144A/Reg S senior secured green bond
- Axis Bank $ 144A/Reg S sustainable perpNC5 AT1
- Chiba Bank $ 5Y Reg S bonds; calls today
- Changchun Urban Development & Investment Holdings $ Reg S bond; investor calls today
- AC Energy $ Reg S fixed-for-life green perp; investor calls starting today
- Aozora Bank $ Reg S 3Y bond; investor calls starting today
- Fitch Downgrades Jiuquan Iron and Steel to ‘BB+’, Removes RWN; Outlook Stable
- Zhongsheng Outlook Revised To Positive By S&P On Improved Leverage And Liquidity Buffer; ‘BBB-‘ Rating Affirmed
- Moody’s affirms Holcim’s Baa2 rating; changes outlook to positive from stable
- China State Construction International Outlook Revised To Stable By S&P On Improving Cash Flow Prospect; ‘BBB’ Rating Affirmed
- Moody’s changes Valeo’s outlook to stable, Baa3 rating affirmed
- Fitch Assigns Mapletree Logistics Trust First-Time ‘BBB+’ IDR; Outlook Stable
- Moody’s changes outlook on SGL’s rating to positive, affirms Caa1 rating
Term of the Day:
A rights issue is one way for a company to raise capital by giving existing shareholders the option to buy additional shares of the company, typically at a discount to the current market price. The number of additional shares that can be bought is proportionate to the number of existing shares that a shareholder has. This ratio is also known as a rights entitlement ratio. Since a rights issue increases the number of shares of a company, share dilution may occur as the company’s earnings are now spread over a greater number of shares.
Bharti Airtel’s board of directors has approved plans for the company to raise up to INR 210bn ($2.86bn) through a rights issue.
Edmund Goh, investment director at Aberdeen Standard Investments
“I would think that most of the weakness is contributed by the property developers.” “If Evergrande moves then it will have a pretty sizeable impact.”
Bruce Pang, head of research at investment bank China Renaissance
“[Developers] will continue to face liquidity drains in the near term… [and restrictions on] land auctions and fundraising opportunities”.
Top Gainers & Losers – 31-Aug-21*