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The S&P rose 0.9% while Nasdaq was up 1.2% as equities recovered from two straight days of losses. Small-cap stocks rallied over 2%, bringing 2021 gains for the US small-cap index, Russell 2000 to more than 13%. European equities also inched up with DAX, CAC and FTSE rising 0.4%, 0.7% and 0.5% respectively. US IG CDS spreads tightened by 0.6bp and HY tightened 1.9bp. EU main CDS spreads and crossover spreads narrowed by 0.1bp and 2.0bp respectively. Asian equity markets are 0.6% higher and Asia ex-Japan CDS spreads narrowed by 2.7bp.
Bank of China Luxembourg branch raised $500mn via a 5Y green bond at a yield of 1.454%, 34bp inside initial guidance of T+100bp area. It also raised €500mn via a 3Y green bond at a yield of 0.018%, 24bp inside initial guidance of MS+70bp area. Both dollar and euro bonds have expected ratings of A1/A/A. The euro bonds received orders over €1.4bn, 2.8x issue size. Further, the Bank of China Singapore branch raised $500mn via a 3Y green bond at a yield of 0.85%, 37bp inside initial guidance of T+90bp area. The bonds have the same expected ratings of A1/A/A, and received orders over $1.9bn, 3.8x issue size. Net proceeds will be used to finance and/or refinance eligible green projects as defined in BOC’s sustainability series bonds management statement.
Sino-Ocean Group raised $400mn via a 5Y green bond at a yield of 3.434%, 40bp inside initial guidance of T+305bp area. The bonds have expected ratings of Baa3/BBB-, and received orders over $2.1bn, 5.25x issue size. Wholly-owned subsidiary Sino-Ocean Land Treasure IV is the issuer with a guarantee from the parent. Proceeds will be used to repay debt of the guarantor and its subsidiaries that are due in 1 year, in accordance with its green finance framework.
Changchun Urban Development raised $200mn via a 3Y bond at a yield of 4.3%, 20bp inside initial guidance of 4.5% area. The bonds have expected ratings of Baa1/BBB+. The bonds will be issued by wholly-owned subsidiary Chang Development International and guaranteed by the parent. Proceeds will be used for general corporate and refinancing purposes.
Equate Petrochemical BV raised $700mn via a 7Y bond at a yield of 2.641%, 30bp inside initial guidance of T+170bp area. The bonds are callable at par within 3 months from maturity, and have a make-whole call (MWC) on January 28, 2028. The bonds have expected ratings of Baa2/BBB, in line with issuer ratings. The bonds will be issued by Equate Petrochemical BV, which operates as a special purpose entity to issue debt, and guaranteed by its parent company Equate Petrochemical Company K.S.C.C. and The Kuwait Olefins Company K.S.C.C.
KNOC subsidiary Harvest Operations raised $500mn via a 3NC1 bond at a yield of 1.052%, 27bp inside initial guidance of T+100bp area. The bonds have expected ratings of Aa2/AA. Proceeds will be used for repaying guaranteed notes due in April this year and maturing credit facilities as well as for general corporate purposes.
Jingrui Holdings raised $157mn via a 2.5Y bond at a yield of 12.5%, in line with final guidance of 12.5%. The bonds have expected ratings of B-, and proceeds will be used to refinance existing debt.
Shangrao Innovation Development Industry Investment Group raised $68mn via a 3Y credit-enhanced bond at a yield of 2%, 30bp inside initial guidance of 2.3% area. The bonds are unrated and proceeds will be used for industrial park construction and general working capital.
China Water Affairs Group $ green bond