Deals
Interview with Andy Cairns, Group Head of Corporate Finance, First Abu Dhabi Bank (FAB)
In an exclusive interview with Bonds & Loans, Andy Cairns, Group Head of Corporate Finance, First Abu Dhabi Bank (FAB) talks about the normalisation of fundraising in the MENA region in 2017 after a record year of credit market activity the previous year.
30 May 2017
CASE STUDY: Ezdan Draws Out Tenors with US$460mn Syndication
Ezdan Holding Group, Qatar’s largest privately-owned real estate developer, raised US$460mn through a competitively priced syndication in a bid to help refinance existing maturities and extend the tenor of existing debt.
22 May 2017
China's Corporates Are Getting a Taste for Dollar Bonds
A weak dollar and stifling policies at home are making the Chinese corporate sector look increasingly towards dollar funding in 2017.
19 May 2017
CASE STUDY: Petrobras Reopens Latin American Credit Markets with US$4bn Trade
After a challenging year for Brazilian credit markets and a broader lull in the Latin American markets following the US election, Petrobras found a narrow window to launch a US$4bn dual-tranche bond as part of a liability management exercise that was oversubscribed by 5x.
19 May 2017
Africa Credit Markets Brief
AfDB calls for investment across Africa to close annual US$162bn funding gap – Kenya borrows US$1bn via syndicated loan – Nigeria raises mere NGN100bn in bond sale – Nigeria looking to secure US$5.2bn World Back funding package – Zimbabwe warns South Africa over proposed land reform – Russia’s Rosatom committed to nuclear plant project in South Africa – Senegal issues Eurobond – Saudi Aramco…
17 May 2017
CASE STUDY: Rumo Finds Tight Window for US$750mn Bond Debut
Brazilian rail logistics leader Rumo S.A. made a strong international capital markets debut with a US$750mn 2024 bond offering that priced at the tight end of guidance despite broader uncertainty around emerging markets.
12 May 2017
Middle East Credit Markets Brief
Saudi Arabia loses market share in the oil sector – Saudi Electricity Co. in talks over sukuk – ACWA makes landmark 22-year trade – Etihad bonds drop on Alitalia news – UAE bankruptcy laws to improve operating environment – Dana Gas in debt restructuring talks – ADCB plans new issue – QNB hits the market, plans to make inroads in KSA – Bahrain feels FX strain – Oman in US$3.6bn loan talks – OETC…
12 May 2017
Challenge to Develop Fossil Fuels in Argentina Could Make or Break Macri’s Legacy
In 2015, centre-right candidate Mauricio Macri defeated the heir of former president Cristina Kirchner, thus ending almost 12 years of leftist rule. One of its initial promises was to attract foreign investors back to Argentina’s shore. However, over a year has passed and the new government seems to be having problems fulfilling its election promises.
11 May 2017
CASE STUDY: Ultrapar Makes Eurobond Comeback with US$750bn Benchmark Note
In Autumn 2016, Ultrapar, Brazil’s fourth largest company and one of the biggest downstream operators and fuel distributors, made an emphatic return to the international debt markets following an 11-year absence with a benchmark US$750mn 10-year bond.
11 May 2017
CASE STUDY: Kuwait US$8bn Debut Marks Largest Dual Tranche Bond in Emerging Markets
Kuwait maintained GCC sovereign mega-bond momentum, tapping the markets for an aggregate of US$8bn in the biggest ever EM dual-tranche issuance. Kuwait’s debut on global debt capital markets marks the biggest CEEMEA transaction this year to date.
9 May 2017