Deals
CASE STUDY: The First Greenfield Green Infrastructure Project Bond in Turkey
Rönesans Healthcare Investment issued Turkey’s first green infrastructure project bond to help finance the development of the Elazığ City Hospital, deploying a new and innovative credit enhancement scheme that helped the issuance soak up global investor liquidity and push the Turkish PPP market forward.
2 Feb 2017
Is China's Real Estate Market Headed for ‘Overleverage’ Territory?
The real estate sector in China is set to cool off in 2017 after the Chinese government enacted a series of measures to prevent a bubble following skyrocketing housing prices seen over the past two years.
1 Feb 2017
CASE STUDY: Minera Escondida Digs into US$1.2bn Term Loan
Minera Escondida a Chilean subsidiary of BHP Billiton, secured a US$1.2bn 5-year term loan at competitive prices to help the miner develop the world’s largest open-pit copper mine. The deal consisted of one of the largest US dollar syndicated facilities in Chile’s metals and mining industry to date.
26 Jan 2017
The Existential Crisis of AT1 Capital in MENA
Last year saw record levels of capital markets activity in the Middle East. Banks were no exception and joined the frenzy, and, with Basel III requirements slowly coming into force, issued ample Additional Tier 1 (AT1) instruments to boost their capital ratios. But bankers and investors are anticipating a plateau in both supply and demand – though largely for different reasons.
23 Jan 2017
Investors Unfazed By Latam’s Default History Amid Bond Surge
The New Year started with some high-profile transactions for emerging markets, particularly in South America. Countries such as Argentina, Ecuador and Venezuela all tapped the markets for fresh capital in the first weeks of 2017.
16 Jan 2017
Investors Stoked About Record Levels of Argie Paper Despite Sustainability Concerns
Argentina, like many other emerging markets, is looking to take advantage of the calmer market conditions and a pullback in the US dollar seen in the first weeks of 2017 to borrow up to US$13bn from international lenders and investors. The sum has some observers concerned about the sustainability of its borrowing.
13 Jan 2017
LatAm Dollar Pipeline Swells but Local Currency Deal Outlook Uncertain
Emerging market debt took a significant hit after the surprising victory of Donald Trump last November, which was followed by a US interest rate hike weeks later. Concern over the President-Elect’s protectionist policies provoked capital outflows and a significant spike in borrowing costs for US-linked EMs, freezing almost US$10bn worth bonds that were supposed to be issued by Latin American…
12 Jan 2017
Andean Markets: An Outlook for 2017
Divisive politics and persistently low energy prices will cast a pall over the entire Andean region in 2017, even while each country within the region represents a unique storyline for investors. The lack of political unity in each Andean market is further challenged by a global environment that has turned hostile with rising interest rates, depressed commodity prices and anti-trade rhetoric…
11 Jan 2017
Top Dealmaker: Hulusi Horozoglu, HSBC
This was a pivotal year for Turkey, with the country experiencing unprecedented political and currency volatility against a broader backdrop of challenged global growth since late 2015. Hulusi Horozoğlu, Managing Director, Head of Wholesale Banking, Turkey at HSBC talks to Bonds & Loans about how these challenges are impacting Turkish credit markets and the wider economy, and how the bank is…
10 Jan 2017
Venezuela Raises Eyebrows with Surprise US$5bn International Bond
First sovereign issuance by the ailing Latin American economy since 2011 was snapped up by the country’s own Central Bank, but the deal’s non-market nature raised concerns for investors and regulators alike.
3 Jan 2017