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The Week That Was (28 Aug – 3 Sep, 2023)
US primary market new deals dropped sharply last week to only $581mn vs. $3.8bn a week prior. Among this, IG deals stood at $341mn, led by MassMutual's $200mn deal and JPMorgan's minor $140mn deal. HY deals last week stood at only $139mn with Seaport raising $115mn....
COGARD Wins Approval for Local Bond Extension; Dollar Bond Coupons Near Grace Period End-Date
Country Garden (COGARD) won the approval from its onshore bondholders to extend payments for a private bond, as per sources. COGARD had called for a vote on Friday to extend the maturity on its RMB 3.9bn ($540mn) onshore private bond, helping avert a default. The...
Credit Agricole and Lloyds Stage Comeback for Singapore Dollar Tier 2 Bonds
Recently, French lender Credit Agricole tapped on the Singapore dollar bond market for the second time this year, raising S$350mn by issuing a 10NC5 Tier 2 bond (scroll down for a refresher on bank capital) at 5.25%. This is the second European bank that has issued a...
Credit Agricole Prices S$ 10NC5 Tier 2 at 5.25%
US Treasury yields were flat on Wednesday. US ADP employment data showed a 177k increase in private payrolls, below the 371k last month and estimates of 195k. For Q2, the second revision of US GDP came at 2.1%, lower than the preliminary 2.4% reading. CME...
El Salvador’s Dollar Bonds Jump Higher on Announcement of Google Cloud’s Entry
Dollar bonds of El Salvador jumped higher by 3-5 points across the curve after Google Cloud announced plans to establish an office in the country and deliver digital services. The news is a positive wherein El Salvador will receive foreign inflows and it could serve...
NWD Said to be Planning Early Redemption of Perps
New World Development (NWD) is said to be planning to redeem its perpetual notes early, as per the Hong Kong Economic Times. When asked about NWD's plan to redeem its perps, a spokesperson for the developer reiterated their earlier disclosures that mentioned...
Longfor’s Dollar Bonds Inch Up on Local Bond Raise; COGARD Warns of Possible Default
Longfor Group's dollar bonds jumped higher by 1-2 points after the developer's unit priced a local bond, thereby raising funds. Its unit, Chongqing Longhu Development priced an RMB 1.1bn ($150mn) 3Y note guaranteed by state-backed China Bond Insurance at 3.5%, as per...
GLP Offers $7bn of Assets to China Logistics Group in Asset Sale Deal
GLP Pte Ltd has offered about $7bn worth of assets to China Logistics Group to choose from, as part of a deal. Due diligence is ongoing with the assets coming from multiple funds and projects, as per Bloomberg. Earlier, it was reported that a deal could see China...
BIM Land’s Dollar Bond Rallies by 3 Points on IFC $150mn Investment Plan
Dollar bonds of Vietnamese real estate company BIM Land rallied with its 7.375% 2026s up 3 points to 66.2 cents on the dollar. This comes after the International Finance Corporation (IFC), a member of the World Bank is planning to invest up to $150mn in the...
