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Messaging App Telegram Sells Bonds Worth $1bn to Investors Including Mubadala
Messaging app Telegram raised $1bn via a 5Y pre-IPO convertible bond issued at 100 with a yield of 7%. Investors have a IPO Redemption Option (Term of the Day, explained below) where they would be able to convert the bonds into equity on certain conditions. FT notes...
LSE Lining Up Jumbo Multi-Currency Bond
The London Stock Exchange (LSE) Group mandated Barclays, BofA Securities, Citigroup and HSBC as global coordinators to arrange calls with investors for a jumbo multi-currency bond. The USD denominated bonds are expected to have tenors ranging from 3 to 20 years; the...
Indian Issuers Start 2021 With a Bang In The Dollar Bond Markets
Indian corporates have taken the international bond markets by storm this year thus far, with total dollar bond issuance volume at $10.7bn, up almost 70% from the same period last year. This increased supply of Indian dollar credit is on the back of favorable market...
Nomura, Bank Negara Launch Bonds; Macro; Rating Changes; New Bond Issuances; Talking Heads; Top Gainers & Losers
S&P ended 0.7% higher and Nasdaq was 1.2% higher with the US 10Y Treasury yield easing to 1.68%. European equities were marginally higher with the DAX, FTSE and FTSE MIB up over 0.2% while the CAC was down 0.5%. The Turkish Lira ended 8% lower - analysts said the...
Turkish Dollar Bonds Take a Beating Post Sacking of Central Bank Chief
Turkey's dollar bonds fell sharply across the curve on Monday following news of President Erdogan sacking the Central Bank Chief. Turkey's 7.375% 2025, 6.875% 2036 and 5.75% 2024 were down 6.0, 10.6 and 10.6 points on Monday to 104.51, 92.79 and 77.18, yielding 6.05%,...
NWD to See Double-Digit Growth from China, Particularly GBA
Hong Kong property developer New World Development (NWD) expects its investments in China, particularly in the Greater Bay Area (GBA) development zone, to generate double-digit growth over the next few years, as per the CEO who spoke at the 24th Credit Suisse Asian...
CFLD Said to Push Debt Maturities by 6 Months; To Issue Proposal by Early May
Distressed Chinese real estate developer China Fortune Land Development (CFLD) is said to be seeking a debt maturity extension of at least six months from creditors, as per Bloomberg. The company is expected to come up with a proposal on how it plans to repay its...
Greenko Raises $940mn via 5NC2 Amortizer; Sets Record for Largest Indian Green Dollar Bond
Greenko Dutch BV raised $940mn via a 5Y non-call 2Y (5NC2) amortizing bond at a yield of 3.85%, 15bp inside initial guidance of 4% area. The senior amortizing bonds have a weighted average life (WAL) of 4.7Y and have expected ratings of Ba1/BB. Greenko Dutch BV is a...
WeWork Burns $3.2bn in 2020; Occupancy Fell to 47%
WeWork burnt through $3.2bn in 2020, as per documents related to a $1bn investment pitch to institutional investors seen by the FT. Despite the pandemic leading to a shutdown of its co-working spaces globally for major parts of last year, reported losses were lower...
