Deals
CASE STUDY: Almarai’s USD500mn Issue Marks First Corporate International Sukuk out of Saudi
The benchmark-sized international debut sukuk received more than USD5bn worth of orders – a similar level of oversubscription to the recent Saudi Aramco jumbo bond, a tremendous start to the Saudi dairy giant’s new USD2bn Islamic finance programme.
21 May 2019
CASE STUDY: Sri Lanka USD2.4bn Bond Hits Near-Perfect Distribution Despite Downgrade
The sovereign issuer overcame a highly challenging political landscape, culminating in a political crisis, to secure a significant quantum of international funding to support its ailing economy.
17 May 2019
CASE STUDY: Bénin Debuts Benchmark Eurobond amid Renewed Hunt for Yield
The African nation’s first international bond, a EUR500mn 7-year Eurobond, saw Bénin tap the market on the same day as neighbouring Ghana at a time when global investors, buoyed by the Fed’s dovish mood swing, piled into high yield sovereign debt.
7 May 2019
CASE STUDY: Investors Sink Their Teeth into Triple-Tranche EUR3bn Romania Sovereign Bond
Romania’s Eurobond, the largest ever from the country’s Finance Ministry and first EUR-denominated triple-tranche from a sovereign issuer in 2.5 years, has raised the stakes in the typically quiet CEE debt markets.
1 May 2019
Latin America Loan Market Heats Up as Hard Currency Liquidity Comes into Focus
Latin American borrowers continue to see strong demand from lenders and investors following a hectic year of elections in many of the region’s largest economies. We speak with Mauricio Voorduin, Managing Director, Latin America Regional Head; David Costa, Managing Director, Head of Latin America Finance; Sara Pirzada, Managing Director, Loan Syndications; and Mark Tuttle, Managing Director, DCM…
26 Apr 2019
CASE STUDY: FAB Issues World’s First Intraday Sukuk
First Abu Dhabi Bank marked MENA’s debut public sukuk issuance in 2019 with its USD1bn senior sukuk. Riding on a wave of investor demand, the bank tapped the market twice, securing the largest single public issuance from a conventional bank sukuk in the region.
25 Apr 2019
Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead
The dollar rally is back on track as the divergence theme re-emerges. DXY traded last week at its highest level since April 2 and is on track to test that day’s cycle high near 97.71. For EM, that has translated into broad-based losses this past week. ARS, RUB, and a handful of other were able to notch small gains last week, but most EM currencies were down against the greenback. COP, BRL, ZAR,…
23 Apr 2019
CASE STUDY: Uzbekistan’s Dual-Tranche Debut Eurobond Marks Milestone in Global Integration
Under the leadership of its new Prime Minister, Shavkat Mirziyoyev, Uzbekistan has moved further down the long path towards global integration. With its debut USD1bn Eurobond issuance in February this year, Uzbekistan is seeking to establish itself as a regular participant in global financial markets in the years to come.
18 Apr 2019
Andean Borrowers Cut Through Volatility to Win Big at Bonds & Loans Latin America Awards
Despite a slowdown in some of the Andean region’s powerhouse economies and souring emerging market investor sentiment, many borrowers were unperturbed and moved into markets with inaugural, innovative transactions through much of last year. We take a closer look at some of the transactions originating from the region that won top prize at this year’s Bonds & Loans Latin America Awards.
17 Apr 2019
CASE STUDY: Indonesia Dominates ESG and Islamic Finance Nexus with Dual-Tranche USD2bn Issue
The South East Asian sovereign returned to market with its second green sukuk issuance in 12 months. The dual tranche conventional/green sukuk issue saw USD7bn worth of orders from high quality accounts and tightened 30bp and 45bp inside the initial guidance.
10 Apr 2019