Deals
Cape Town Bolsters ESG, but What’s Green Today May Not Be Tomorrow
Cape Town is one of the few municipalities to have issued a green bond, a hugely successful transaction that generated significant oversubscription despite a challenging local market backdrop. We spoke with David Valentine, the Treasury Director and Janine Marion Abrahams, Head of Bank and Treasury Loans, Finance and Treasury Department at the City of Cape Town, about how it prepared for the…
9 Oct 2018
Off the Record: Banks in Russia – Shaken, not Stirred
The recent perturbations across EM assets, the looming shadow of current and potential new sanctions and subdued growth at home have taken a toll on the Russian financial sector. But prudent fiscal and monetary policies and timely actions to minimize sanctions impact have helped shelter banks operating in Russia and the CIS from serious damage, DCM bankers and corporate chiefs have told Bonds &…
27 Sept 2018
CASE STUDY: ACWA Power Teams Up with ICBC on Egypt’s Benban USD185mn Structured Loan
In a deal that involves an amortizing loan with debt and equity tranches on a non-recourse project finance basis, the Saudi Arabia-based developer broke new ground by achieving an 18-year tenor, raising USD financing with an EGP-denominated tariff and bringing in a Chinese commercial bank.
26 Sept 2018
CASE STUDY: Mazoon Launches USD500mn Sukuk to Finance Lamar II Project
The Omani electricity company SPV placed the first ever corporate sukuk from the country with an elegant legal structure that helped navigate regulatory obstacles.
29 Aug 2018
CASE STUDY: Atlas Renewables Prints One of Latin America’s First Green Project Bonds
The unique A/B private placement structure was a rarity in the capital markets in light of its inclusion of both senior and subordinated tranches. It’s also the third green project bond issued out of Latin America.
22 Aug 2018
Odinsa CFO: Colombia’s Economic Tailwinds, New Government to Bolster Existing 4G Pipeline
Colombia is a world leader when it comes to public-private partnerships in the infrastructure sector, and the country’s flagship toll road infrastructure initiative – the 4G programme – is regularly held up as a beacon for other regional economies to replicate. But last year, due in part to eroding economic fundamentals and political volatility, many of the programme’s key projects were hit with…
7 Aug 2018
CASE STUDY: Emirate of Sharjah Brings Rare RMB2bn Panda to Middle East Market
The trailblazing issuance by the state government could open doors to China’s onshore market to other Middle East issuers as part of the “Bond Connect” initiative.
2 Aug 2018
CASE STUDY: BancoEstado’s CLP50bn Bond Continues Chile’s ESG Story
The Chilean lender maintained its leading role in the country’s ESG space and continued to promote financial inclusion with the first social bond to hit the local market, priced at CLP50bn, or equivalent of USD83mn.
26 Jul 2018
CASE STUDY: Dubai Aerospace Gets Lift-Off on USD480mn Dual-Tranche Murabaha RCF
Dubai Aerospace Enterprise (DAE) has signed a landmark unsecured four-year dual-tranche revolving credit facility with an initial commitment of USD480mn and an accordion feature that allows the facility to be increased to up to USD800mn. The deal was one of the largest conventional/Islamic transactions in the region.
11 Jul 2018
GCC Bonds: Is the Worst Behind Us?
In line with our expectations at the beginning of the year, YTD total return on Barclays Bloomberg GCC index has been a loss of 2.67%, almost entirely attributed to the increase in benchmark UST yields.
9 Jul 2018