Bond market debutant Kuwait has overcome growing fears about higher Treasury yields to sell the biggest EM sovereign deal so far this year, marking another big step in the Gulf region’s evolution into a fully fledged market.
Bolivia achieved its lowest coupon ever last week after aggressively tightening pricing on a US$1bn 11-year bond, as investors shrugged off poor credit metrics and political risks ahead of the 2019 elections.
New Zealand’s fifth-biggest lender aborted a Kangaroo bond last week just a day before settlement after regulators warned that some of its capital securities might be ineligible for CAR calculations.
Elon Musk’s Tesla tapped the robust US convertible bond market last week for the bulk of its US$1.2bn capital raise, less than many envisaged but enough for the electric carmaker to fund capex to support production of its Model 3 sedan.
Troubled retailer Neiman Marcus is considering an outright sale of the company, but that would be likely to prove extremely costly unless bond or equity holders take steep losses.
Canada Goose is an expert in managing stock levels to keep its US$900 parkas away from the discounters and applied the same strategy to its C$340m (US$255m) IPO, forcing investors to fill out positions in the aftermarket.
More than US$200bn of US leveraged loans have been refinanced or repriced so far this year and, with two weeks to go before the end of the quarter, volume is approaching the US$245m of redone loans written in the second quarter of 2013, the last peak of activity.
Fannie Mae is holding talks with several index providers about the creation of a benchmark index for its more exotic mortgage bonds to help bring them into the trading mainstream.
China Everbright Bank has launched the largest A-share convertible bond issue in nearly seven years, opening the floodgates for a potential Rmb85bn (US$12bn) of such deals after a regulatory clampdown on other forms of equity financing.
The Japanese convertible bond market served up its two biggest offerings in over a year last Tuesday, as issuers moved ahead of the US rate decision and risk-hungry investors snapped up US$2.6bn of new securities.