New Issue Weekly Monitor
For the week beginning 5th Aug 2019
Asia ex-Japan G3
Asia G3 Year-to-date issuance: USD 216.6bn
Key Market Data
CT10 @ 1.746% (-10.3bps Week-on-Week)
S&P 500 @ 2918.65 (-0.46% Week-on-Week)
HSI @ 25,939.3 (-3.64% Week-on-Week)
JACI Index @ 238.95 (+0.36% Week-on-Week)
For the week beginning 22nd Jul 2019, USD 750mm of bonds was issued from 3 deals.
Breakdown: USD 400mm of Investment Grade, USD 200mm of High Yield bonds and USD 150mm of Non-Rated bonds.
The Asia primary bond market was again sidelined as investors and issuers assessed market reactions to policy actions by the Asian central banks. India and New Zealand surprised the market with a 35bps & 50bps interest rate cut respectively while the Philippines and Thailand both announced 25bps rate cuts. This was the first rate reduction by the Bank of Thailand in 4 years.
Dongxing Securities returned to the offshore bond market issuing USD 400mm of 5 year bonds at T+180bps. The Chinese securities firm made its debut in the offshore bond market back in September 2016 with a USD 300m 3 year guaranteed bond.
For the week, 21 banks have been involved as Bookrunners or Lead Managers. Haitong International was the most active Bookrunner during the week, participating in all deals that were priced.
The new issue pipeline remains healthy with 3 new mandates announced in the week, yet to price.