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" There is no instance of a nation benefiting from prolonged warfare " . " If our soldiers are not overburdened with money , it is not because they have a distaste for riches " . Sun Tzu . I am sure if he was around today , LOL , he would be making OPM ( other peoples money ) work for him .
Perpetual bonds have been around a long time- the classification as "securities" vs "debt" is also not that new. China starting dealing with perpetual notes in 2013. (the borrower usually has to pay higher rates than fixed maturity bonds would cost them). https://www.reuters.com/article/idUSL3N0CW1H520130409
Most are being issued by government owned businesses.
https://www.bloomberg.com/news/artic...perpetual-bentMove over China Evergrande Group. The perpetual dollar bond market has a new king: China's state-owned enterprises.
Notes with no set maturity have blossomed in popularity over the past few years in Asia but book runners have been especially busy of late. Since the start of June, six Chinese firms haves sold perpetuals, raising $3.35 billion.
The issuers are all state-linked. Hangzhou-based property developer Greentown China Holdings Ltd. counts China Communications Construction Co. as one of its biggest shareholders; Franshion Brilliant Ltd. is part of Sinochem Group, as is Far East Horizon Ltd.; Power Construction Corp. of China owns infrastructure-services provider Dianjian Haiyu Ltd.; while Nanyang Commercial Bank Ltd. and China National Tire & Rubber Co. are both ultimately controlled by the People's Republic.
Last edited by Zippyjuan; 11-15-2017 at 01:15 PM.
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