Islamic Development Bank, Chong Hing price as tone improves; Kowepo bonds trade better

By Aleesia Forni

Virginia Beach, Sept. 18 – Islamic Development Bank and Chong Hing Bank Ltd. issued new bonds during a stronger session for emerging markets.

The tone was decidedly more positive on Thursday following the release of the Federal Open Market Committee’s statement on Wednesday.

Islamic Development Bank came to primary market with a $1.5 billion five-year sukuk during the session.

The Regulation S-only issue priced at the tight end of price talk, a market source said.

The primary market also hosted Chong Hing Bank, which priced $300 million of perpetual bonds on Thursday.

In forward calendar news, Tianneng Power International Ltd. announced that wholly owned subsidiary Tianneng Battery Group is in talks to price a renminbi-denominated bond offering.

In the secondary market, the recently priced 2.625% five-year notes from Korea Western Power (Kowepo) traded about 2 basis points on the day, a trader said.

The notes were quoted at 89 bps bid, 97 bps offered.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.