Primary Credit Recap

Here are some of the major deals that got priced overnight.  Notwithstanding the big gap up in global bond yields, secondary performance has been decent apart from Woori AT1 which has unsurprisingly struggled because of the its perceived high interest rate risk and the fact that it is one of the tightest AT1s globally.

  • Lenovo Gets Over CNH20b Orders for CNH4b Bond
    Priced at 4.95%, IPT 5.375% area. Currently 100.75 – 101.00 (Reoffer price: 100)
  • Woori Gets $1b Orders for $500m AT1
    Priced at 5%, IPT 5% area.  Currently  99.125 – 99.375 (Reoffer price: 100)
  • Beijing Construction Gets >$1.5b Orders for $500m 3Y Bonds Co. sells $500m 3Y bonds at 3.85% yield, IPT 4% area.  Currently 100.10/100.30 (Reoffer price: 100)
  • Bharti Airtel Gets $2b Orders for $1b Bond
    Priced at 10Y+210bps, IPT +220 area.  Currently +208/205
  • China Three Gorges Gets >$5.2b Orders for $700m 10Y Bonds Co. sells bonds at +135bp, IPT +165 area.  Currently +127/124