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Chongqing International Logistics Hub Park Construction raised $160mn via 5NC3 bonds at a yield of 5.3%, 45bps inside initial guidance of 5.75% area. The bonds have an expected rating of BBB- and received orders over $460mn, 2.9x issue size. Asia took 97% of the bonds and Europe 3%. Banks and financial institutions received 96% and private banks 4%. Proceeds will be used for debt refinancing.
Moody’s affirms Ireland’s A2 ratings, changes outlook to positive from stable
Risk-off is an indication of global market sentiment wherein investors switch out from risky assets (i.e. risk-off) into safer assets on the back of increased uncertainty. This can be due to geopolitical risk, poor economic data or a crisis. The most noteworthy risk-off event this year was in late March 2020, when fears about the coronavirus pandemic pushed financial markets lower across the board. Most typically, during a risk-off environment, US Treasuries and gold tend to perform better as they are considered safe haven assets. On the other hand, risk-on indicates positive investor sentiment wherein investors switch into risky assets (i.e. risk-on) from safer assets on improved prospects of economic growth. This can be due to improved political environment, strong economic data, strong corporate earnings, or a recovery from a crisis.
“If there’s no clarity on a turnaround story, it would be brave to stick your neck out.” “The market is cheap, but it could get cheaper,” Ms. Chow added.