Offshore Yuan Usage - Hong Kong is increasing efforts to promote offshore yuan usage [1] - The effort aligns with Beijing's push to globalize the yuan (RMB) [1] Bond Market - Hong Kong is expanding bond issuance in the Chinese currency (yuan) [1]

Bond Issuance - Saudi Arabia 发行了 55 亿美元的债券 [1] - 这次债券发行可能为创纪录的发行量奠定基础 [1]

Bond Issuance - Japanese issuers are approaching a record of $100 billion in bond issuance across dollars and euros [1] - This marks the first time Japanese companies have reached this level in any year [1] - Companies actively entered the primary debt market on Tuesday [1]

Core Viewpoint - Grupo Aeroportuario del Pacífico successfully issued 85 million long-term bond certificates totaling Ps. 8.5 billion to finance capital investments and repay a loan [1][3]. Group 1: Bond Issuance Details - The bond issuance was conducted in two tranches and was oversubscribed by 1.98 times the announced amount [2]. - The bonds received the highest credit ratings in Mexico: "Aaa.mx" from Moody's and "mxAAA" from S&P, both with a stable outlook [2]. - The issuance includes 40.5 million debt certificates maturing in three years with a total amount of Ps. 4.05 billion, and 44.5 million debt certificates maturing in six years with a total amount of Ps. 4.45 billion [7]. Group 2: Use of Proceeds - Proceeds from the bond issuance will be allocated for capital investments and to repay a Ps. 1.5 billion loan from Banco Santander, maturing on October 17, 2025 [3]. Group 3: Company Overview - Grupo Aeroportuario del Pacífico operates 12 airports in Mexico's Pacific region, including major cities like Guadalajara and Tijuana, and tourist destinations such as Puerto Vallarta and Los Cabos [4]. - The company was listed on the New York Stock Exchange in February 2006 and acquired a majority stake in MBJ Airports Limited in April 2015 [4].

Private Credit Opportunity - Private credit sees a huge opportunity in infrastructure and digital infrastructure, with potentially high margins and lucrative coupons [1] - The sector is attracting significant attention, with many participants trying to enter the market [1] - UBS expresses concerns about the market becoming overheated and risks emerging due to excessive capital inflow [2] - Despite concerns, the industry remains somewhat skeptical about the long-term impact of potential overblown demand [2] Capital Expenditure and Bond Issuance - Morgan Stanley estimates approximately 3 trillion USD (万亿) in capital expenditure needs for AI over the next three years [3] - This capital expenditure could translate to hundreds of billions USD (千亿) in bond issuance [3] - A significant portion of the issuance is expected to be U S dollar denominated [3] Investment Grade Debt - The majority of the debt issuance is likely to be investment grade [4] - Long maturities of the debt instruments enable companies to achieve investment grade ratings [4] - The presence of underlying assets provides additional security [4][5]

Market Trends & Policy Impact - China's policy banks are rapidly issuing bonds to secure lower yields [1] - This bond-issuance surge is happening before the reinstatement of a value-added tax on interest income later this week [1]

Digital Capital Markets - NRWBANK 在 Polygon 上首次发行基于区块链的债券，由 Cashlink 提供支持 [1] - 这标志着欧洲数字资本市场机构化的重大胜利 [1]

Indonesian companies look set to charge ahead with bond issuance in the last six months of the year https://t.co/lzleV44xEl ...

Core Viewpoint - Publicis Groupe SA has successfully priced a bond issue amounting to EUR 1.25 billion, structured in two tranches with maturities of four and seven years, aimed at general corporate purposes [2][3]. Group 1: Bond Issue Details - The bond issue consists of two tranches: €600 million due in June 2029 with a fixed interest rate of 2.875% and €650 million due in June 2032 with a fixed interest rate of 3.375% [10]. - The issuance is conducted under Publicis Groupe SA's Euro Medium Term Note Program dated May 16, 2025 [3]. Group 2: Use of Proceeds - The net proceeds from the bond offering will be utilized for general corporate purposes [3]. Group 3: Transaction Management - The transaction is led by BNP Paribas, BofA Securities, and Citi as Global Coordinators, with CIC, HSBC, Lloyds, Santander CIB, and Standard Chartered Bank AG serving as Joint Lead Managers [3]. Group 4: Company Overview - Publicis Groupe is a global leader in communication, involved in marketing transformation and digital business transformation, with a presence in over 100 countries and employing around 108,000 professionals [16].

Core Viewpoint - The successful issuance of the 2025 non-public corporate bonds by Beijing Tongzhou State-owned Capital Operation Co., Ltd. indicates a strong financing capability and a positive outlook for future development in line with the Beijing urban sub-center plan [1] Group 1: Bond Issuance Details - The bond, referred to as "25 Tongzi 01," has an issuance scale of 660 million yuan, a term of 3+2 years, an AA+ rating, and a coupon rate of 2.24% [1] - The funds raised from this bond issuance will be used entirely to repay interest-bearing debts, reflecting a strategic focus on debt management [1] - This issuance marks the second approval for corporate bond issuance in 2023, achieving a new low in financing costs for the issuer [1] Group 2: Company Background and Future Prospects - Tongzhou State-owned Capital Company is authorized by the Tongzhou District government to conduct primary land development and manage state-owned assets in the district [1] - The company’s main business includes real estate sales, land consolidation, infrastructure construction, and management of related state-owned assets, highlighting its significant role and growth potential [1] - The future business development prospects are promising due to the implementation of the Beijing urban sub-center plan [1]