BAIC and Rizal mark active day for new issues

Tightening secondary market spreads draw out the new issue pipeline with Beijing Automotive Group and Rizal Commercial Banking Corp executing deals in euros and dollars.

Improving sentiment, driven by dovish comments from the European Central Bank ECB on Thursday and a rate cut by the People's Bank of China on Friday, enticed two new issuers into the G3 bond markets on Monday.

China's Beijing Automotive Group BAIC executed a debut euro-denominated transaction building on the success of last week's issue from Dongfeng Motors, while the Philippines' Rizal Commercial Banking Corp RCBC completed its largest dollar bond on record. 

Both deals came on the back of secondary market outperformance, which saw spreads tighten by about 5bp to 10bp across the board on Friday and a further 2bp to 4bp on Monday.  ...

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