Perpetual bond sales from Asia's corporate sector surged to an annual record last week, as investors' hunger for yield showed no sign of easing. With more than half the year still to go, US dollar offerings from non-financial issuers this year have reached US$8.76bn, ahead of 2013's annual record of US$7.95bn, according to Thomson Reuters data for Asia Pacific, including Australia but excluding Japan. POWER CONSTRUCTION CORPORATION OF CHINA, which printed a US$500m perpetual non-call five note, and Sinochem-backed far east horizon, which sold U5$300m of perpNC5 notes, joined the fray last week, becoming the latest corporate issuers to take advantage of strong market conditions.
展开▼
