Cbonds Global

2021-03-05 16:17:03 Largest EM and HY issues of March 2-3

Issue | Volume

Hong Kong
China South City Holdings, 11.95% 9feb2023, USD | 175,00 mln
The purpose of placing: General Corporate Purposes. Refinance.
Listing: SGX
Bookrunner: Admiralty Harbour Capital limited, Bank of China, CCB International, CITIC Securities International, Credit Suisse, Deutsche Bank, Guotai Junan Securities, Haitong International Securities Group, Heungkong Securities, UBS, Vision Capital International Holdings

Minsheng International Leasing, 3.15% 10mar2024, USD | 300,00 mln
The purpose of placing: Refinance
Listing: SGX

Philippines
Development Bank of Philippines, 2.375% 11mar2031, USD | 300,00 mln
The purpose of placing: General Corporate Purposes. Refinance.
Listing: SGX
Bookrunner: Credit Suisse, JP Morgan, SMBC Nikko Capital
Depository: Clearstream Banking S.A., Euroclear Bank

United Arab Emirates
HSBC Bank Middle East, 1.039% 8mar2024, USD | 350,00 mln
Bookrunner: HSBC
Depository: Clearstream Banking S.A., Euroclear Bank

BOND SEARCH Open / Comment

2021-03-05 13:24:37 Rating Actions in Foreign Currency on March 4, 2021

Moody's downgraded Mauritius's rating to "Baa2", kept a negative outlook.
Reasons: "the weakening in fiscal and economic strength as a result of the shock brought on by the coronavirus pandemic. The large share of economic activity, export earnings and employment derived from tourism and related sectors will weigh on the pace of the economic recovery. This in turn will slow the pace of fiscal consolidation." - Moody's report. Open / Comment

2021-03-05 09:55:06 US Treasury Securities

Yield Curve

UST 2Y YTM:
0.14% ( 0 bp)
UST 5Y YTM:
0.77% ( 4 bp)
UST 10Y YTM:
1.54% ( 7 bp)
UST 30Y YTM:
2.30% ( 5 bp)

On Thursday, US Treasury yileds increased after Jerome Powell said there could be a temporary jump in inflation and that he had noticed the recent rise in yields. Mr. Powell claimed the central bank would be “patient” before changing monetary policy. Open / Comment

2021-03-04 15:20:19 Upcoming issue

Issuer: RZD (Baa2/BBB-/BBB)

Issue description: Eurobonds due September 2028 

Currency: RUB 

Date: investor calls start on Thursday, March 4 

Bookrunners and Lead Managers: Eurasian Development Bank, Gazprombank, JP Morgan, Sova Capital and VTB Capital Open / Comment

2021-03-04 10:47:32 Upcoming issue

Issuer: City of London Investment Trust 

Issue description: 25Y (maturing on 19 March 2046) secured private placement notes with 2.67% coupon rate paid semiannually 

Currency: GBP 

Date: the funding date will be 19 March 2021 

Volume: £30 mln 

Aim: the net proceeds will be applied in reducing borrowings currently drawn down through the Company's overdraft facility 

Bookrunners and Lead Managers: J.P. Morgan Cazenove Open / Comment

2021-03-04 09:48:15 US Treasury Securities

Yield Curve

UST 2Y YTM:
0.14% ( 1 bp)
UST 5Y YTM:
0.73% ( 6 bp)
UST 10Y YTM:
1.47% ( 5 bp)
UST 30Y YTM:
2.25% ( 4 bp)

On Wednesday, US Treasury yields moved up as late Tuesday Mr. Biden said the country has enough vaccine doses, so every adult will be vaccinated by the end of May, 2 months early than expected before. Open / Comment

2021-03-03 17:53:44 Cbonds Global Monthly Newsletter Issue Statistic and League Tables for February 2021

The report provides data on EM and DM, and selected regions: Asia, LatAM, CEEMEA (and separately CEE, CIS, Middle East, and Africa), country pages for Russia and the USA.

February 2021 Highlights:

New issues amount among both EM and DM markets decreased in February compared to January 2021: -64% and -35% respectively. The US market contracted by 8.5% compared to the previous month.

The Asian Development Bank (ADB) issued its first Education bond. The proceeds will be used to finance a pool of projects related to the sector, including technical and vocational training, in Asia and the Pacific.

Alibaba placed its debut Sustainability bond for a total of $1 billion. The proceeds will be used to finance eligible projects such as investing in green buildings, energy efficiency, and responding to the COVID-19 crisis.

DM league table (excl. the USA) leaders in January-February 2021 are Citigroup ($22.5 billion), Bank of America Merrill Lynch ($20.73billion), Barclays ($20.71 billion), JP Morgan ($20 billion), and BNP Paribas ($18.9 billion).

EM league table leaders in January-February 2021 are JP Morgan ($17.3 billion), Citigroup ($15.2billion), HSBC ($12.7 billion), Standard Chartered Bank ($9 billion), and BNP Paribas ($6.9 billion).

Download the report: GLOBAL MONTHLY NEWSLETTER Open / Comment

2021-03-03 16:55:04 Upcoming issue

Issuer: Gimv 

Issue description: 8Y debut sustainability bonds 

Currency: EUR 

Date: the deal is expected this week 

Aim: to finance green and social eligible projects aligned with its newly printed sustainable finance framework 

Bookrunners and Lead Managers: Belfius and ING Open / Comment

2021-03-03 16:52:39 Upcoming issue

Issuer: Eaton (-/A-/BBB+)

Issue description: dual tranche bonds with 5Y and 9Y maturity term 

Currency: EUR 

Date: the deal is expected this week 

Bookrunners and Lead Managers: Citigroup, JP Morgan and Morgan Stanley Open / Comment

2021-03-03 16:49:43 Upcoming issue

Issuer: SR-Boligkredit (-/-/-)

Issue description: 10Y covered bond secured on prime Norwegian residential mortgages with expected rating Aaa 

Currency: EUR 

Date: the deal is expected to be launched in the near future 

Volume: benchmark size 

Bookrunners and Lead Managers: Citigroup, Commerzbank, Danske Bank, Nordea and NordLB Open / Comment