Cbonds Global

2022-02-15 16:11:51 Largest EM issues of February 11-15

Issue | Volume

Qatar
Qatar National Bank(Aa3/A/A+), 3.4% 22feb2025, CNY 147 mln
Initial issue price (yield): 100% (3.40%)
The purpose of placing: Intercompany Loan
Listing London S.E.
Bookrunner: Mizuho Financial Group
Depository: Clearstream Banking S.A., Euroclear Bank

BOND SEARCH Open / Comment

2022-02-15 10:04:30 US Treasury Securities

Yield Curve

UST 2Y YTM:
1.58% ( 8 bp)
UST 5Y YTM:
1.90% ( 6 bp)
UST 10Y YTM:
1.98% ( 6 bp)
UST 30Y YTM:
2.29% ( 5 bp)

U.S. Treasury yields moved higher on Monday with investors evaluated safe-haven assets amid the escalated geopolitical tensions between Russia and Ukraine.

Comment: CNBC Open / Comment

2022-02-14 16:17:37 Largest EM issues of February 10-14

Issue | Volume

Philippines
Asian Development Bank (ADB)(Aaa/AAA/AAA), 2.7% 23feb2024, CNY 200 mln
Initial issue price (yield): 100% (2.70%)
Bookrunner: JP Morgan
Depository: Clearstream Banking S.A., Euroclear Bank

BOND SEARCH Open / Comment

2022-02-14 12:31:40 Rating Actions in Foreign Currency on February 11, 2022

Moody's affirmed Denmark at 'AAA' with a stable outlook.

Fitch Ratings:

affirmed Latvia at 'A-' and Luxembourg at 'AAA' with a stable outlook.

downgraded Turkey to 'B+' from 'BB-' with a negative outlook.
Reasons: "The downgrade of Turkey's IDRs and the Negative Outlook reflects the following key rating drivers: Policy-driven financial stress episodes of higher frequency and intensity have increased Turkey's vulnerabilities in terms of high inflation, low external liquidity and weak policy credibility. Fitch does not expect the authorities' policy response to reduce inflation, including FX-protected deposits, targeted credit and capital flow measures, will sustainably ease macroeconomic and financial stability risks." Fitch's press release Open / Comment

2022-02-14 10:01:46 US Treasury Securities

Yield Curve

UST 2Y YTM:
1.50% ( 11 bp)
UST 5Y YTM:
1.84% ( 12 bp)
UST 10Y YTM:
1.92% ( 11 bp)
UST 30Y YTM:
2.24% ( 6 bp)

U.S. Treasury yields fell and prices gained in volatile trading Friday as investors flocked to safe-haven assets amid the escalated geopolitical tensions between Russia and Ukraine.

The hotter-than-expected inflation reading prompted St. Louis Fed President James Bullard to call for accelerating rate hikes — a full percentage point increase by the start of July. However, other Fed officials have pushed back against the idea of a 50-basis point hike following the CPI report, according to reporting by CNBC’s.

Comment: CNBC Open / Comment

2022-02-11 16:14:05 Largest EM issues of February 9-11

Issue | Volume

United Arab Emirates
Abu Dhabi Commercial Bank(A1/A/A+), 3.415% 17feb2027, CNY 190 mln
Initial issue price (yield): 100% (3.42%)
Bookrunner: Standard Chartered Bank
Depository: Clearstream Banking S.A., Euroclear Bank

Mauritius
Axian Telecom(-/-/B+), 7.375% 16feb2027, USD 420 mln
Initial issue price (yield): 100% (7.38%)
The purpose of placing: Acquisition Financing, General Corporate Purposes, Refinance
Listing: The International Stock Exchange (TISE)
Bookrunner: JP Morgan, Societe Generale, Standard Bank
Depository: Clearstream Banking S.A.

China
Bank of China (Hungarian Branch)(A1/-/-), 1.625% 16feb2024, USD (123) 300 mln
Initial issue price (yield): 99.963% (1.64%)
Spread to US Treasury bonds: 30 bp
Listing Hong Kong S.E.
Bookrunner: Agricultural Bank of China, BNP Paribas, BOCI Asia, Bank of China, Bank of Communications, CCB International, CLSA, China Minsheng Banking, Citigroup, Credit Agricole CIB, DBS Bank, Goldman Sachs, HSBC, JP Morgan, Mizuho Financial Group, UBS
Depository: Clearstream Banking S.A., DTCC, Euroclear Bank

China Development Bank Corp (Hong Kong Branch)(A1/-/-), 2% 16feb2027, USD (107) 550 mln
Initial issue price (yield): 99.41% (2.13%)
Spread to US Treasury bonds: 33 bp
The purpose of placing: General Corporate Purposes, Working Capital
Listing: Hong Kong S.E., Chongwa (Macao) Financial Asset Exchange
Bookrunner: Agricultural Bank of China, BNP Paribas, Bank of China, Bank of Communications, Bank of Nova Scotia, CCB International, CLSA, China Everbright Bank, China Merchants Bank, Commonwealth Bank, Credit Agricole CIB, DBS Bank, HSBC, ICBC, Industrial Bank, Mizuho Financial Group, Nanyang Commercial Bank, Natixis, Shanghai Pudong Development Bank, SinoPac Securities, Standard Chartered Bank
Depository: Clearstream Banking S.A., Euroclear Bank

Nigeria
Bank of Industry(-/-/B), 7.5% 16feb2027, EUR 700 mln
Initial issue price (yield): 100% (7.50%)
The purpose of placing: General Corporate Purposes
Listing: London S.E.
Bookrunner: Afreximbank, Africa Finance Corporation, Citigroup, Mashreqbank, Rand Merchant Bank, SMBC Nikko Capital
Depository: Clearstream Banking S.A., Euroclear Bank

Hong Kong
CITIC Ltd(A3/BBB+/-), 2.875% 17feb2027, USD 700 mln
Initial issue price (yield): 99.323% (3.02%)
Spread to US Treasury bonds: 122.5 bp
The purpose of placing: General Corporate Purposes, Refinance
Listing: Hong Kong S.E.

CITIC Ltd(A3/BBB+/-), 3.5% 17feb2027, USD 300 mln
Initial issue price (yield): 98.522% (3.68%)
Spread to US Treasury bonds: 175 bp
The purpose of placing: General Corporate Purposes
Listing: Hong Kong S.E.

Studio City Investments, 7% 15feb2027, USD 350 mln
Initial issue price (yield): 100% (7.00%)
The purpose of placing: General Corporate Purposes
Listing: Hong Kong S.E.
Bookrunner: Bank of China, Bank of Communications, Deutsche Bank, ICBC
Depository: Clearstream Banking S.A., Euroclear Bank

Saudi Arabia
Riyad Bank(A2/BBB+/BBB+), 4% perp., USD 750 mln
Initial issue price (yield): 100% (4.00%)
Spread to US Treasury bonds: 217 bp
The purpose of placing: Basel III Additional Tier 1
Listing London S.E.
Bookrunner: BofA Securities, HSBC, Riyad Capital, Standard Chartered Bank
Depository: Clearstream Banking

BOND SEARCH Open / Comment

2022-02-11 10:23:37 Rating Actions in Foreign Currency on February 10, 2022

Moody's affirmed Indonesia at 'Baa2' with a stable outlook. Open / Comment

2022-02-11 10:10:55 US Treasury Securities

Yield Curve

UST 2Y YTM:
1.61% ( 25 bp)
UST 5Y YTM:
1.96% ( 14 bp)
UST 10Y YTM:
2.03% ( 9 bp)
UST 30Y YTM:
2.30% ( 5 bp)

U.S. Treasury yields climbed on Thursday, with the benchmark 10-year rate breaching the 2% level, after key inflation data showed hotter-than-expected price pressures.
The yield on 2-year Treasury bonds, the maturity of which is most sensitive to interest rates, has risen sharply. The surge marked the 2-year’s biggest single day move since 2009.

The consumer price index rose 7.5% compared to a year ago, the Labor Department reported Thursday. It was the highest reading since February 1982.

Comment: CNBC Open / Comment

2022-02-10 16:05:05 Largest EM issues of February 8-10

Issue | Volume

China
Bank of China (Johannesburg Branch)(A1/-/-), 1.875% 16feb2025, USD 300 mln
Initial issue price (yield): 99.89% (1.91%)
The purpose of placing: General Corporate Purposes, Refinance
Listing: Hong Kong S.E.
Bookrunner: Bank of China, Bank of Communications, CCB International, CLSA, China Everbright Bank, China Minsheng Banking, Credit Agricole CIB, DBS Bank, JP Morgan, Mizuho Financial Group, Nanyang Commercial Bank, SMBC Nikko Capital, Standard Chartered Bank, UBS
Depository: Clearstream Banking S.A., Euroclear Bank

BOND SEARCH Open / Comment

2022-02-10 14:11:11 ​​ New Range of Green Bond Indices on the Cbonds Website

There is a growing demand globally for the social responsibility of business and the development of ESG investments. Cbonds is attentive to modern trends and follows them. This is why we are expanding our range of indices.

Cbonds indices: Price and Yield indices:

• Cbonds World Sovereign Green
• Cbonds World Corporate Green
• Cbonds World Corporate IG Green
• Cbonds World Corporate HY Green

Price indices include Eurobonds and bonds from around the world marked as Green Bonds, divided by sector and investment grade, denominated in US dollars, with an issue volume, not less than $500 million, minimum maturity of 360 days (including options), and a minimum number of trading days per month of 16. Index lists are updated monthly.

The methodology for calculating new indices can be found on the index pages. Open / Comment