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Alibaba’s Multi-Tranche Issuance Rakes in US$7 Billion
Chinese e-commerce company Alibaba Group Holding Ltd. (A/A/A) sold US$7 billion via a five-tranche issue this week, its second visit to the debt markets in three years. The bond offering is the biggest offshore dollar deal in Asia in 2017, eclipsing China Evergrande...
Market Watching Sentiment on Inflation as Fed Officials Speak this Week
Federal Reserve Chair Janet Yellen testifies before the congressional Joint Economic Committee in Washington this week, leading a busy lineup of central bankers speaking this week, together with Yellen’s nominated successor Jerome Powell. Amongst the topics hotly...
British Columbia and Philippines Issues to Further Grow the Panda Bond Market
The Province of British Columbia (Aaa/AAA/AAA) successfully completed its second Panda bond offering yesterday with a RMB 1 billion 3-year issue priced at par to yield 4.8%. This compares with their debut transaction in January 2016 when RMB 3 billion in 3-years was...
Venezuela Downgraded to ‘D’ by S&P on Coupon Payment Defaults
Standard & Poors downgraded Venezuela’s foreign currency debt ratings to ‘D’ from ‘CC’ a week after President Nicolas Maduro gathered creditors for talks over a grand event which yielded little in real results. Fewer than 100 of the bondholders of about US$60...
China Meets Growing Investor Demand for High-Yield Bonds
Chinese corporates have issued two-thirds of Asian sub-investment grade bonds outside of Japan year-to-date, from less than half of the total in 2013. This trend is likely to continue with China’s share of Asia ex-Japan high-yield issuance set to rise for a fourth...
Moody’s Upgrades India for the First Time in 14 Years
Moody’s Investor Service showed its confidence in Indian Prime Minister Narendra Modi’s policy reforms when it raised the country’s local and foreign currency debt ratings for first time since 2004, to Baa2 from Baa3, and changed its outlook to stable from positive....
BOE Raises Rates for First Time in a Decade
Bank of England ("BOE") policy makers raised interest rates in the U.K. for the first time in a decade last Thursday, voting to increase the benchmark rate to 0.5% from 0.25%. In support of this, the central bank notes that it expects inflation to have peaked at 3.2%...
Huge Potential for the Panda Bond Market to Grow
China’s panda bonds, yuan-denominated notes issued in China by foreign borrowers, have the potential to grow into a much bigger market, garnering good interest from both issuers and investors alike. The panda bond market, which birthed in 2005, is still relatively...
Fed on Track to Raise Interest Rates in December as Focus on its Next Chairman Continues
In line with market expectations, the 2-day FOMC meeting that ended on Wednesday this week left rates unchanged. Expectations for a December hike was reinforced with the Fed subtly upgrading their assessment of the U.S. economy. In a statement, officials said that...
