Deals
India Gets USD1.5bn From ADB to Finance COVID-19 Response as Domestic Borrowing Picks Up
The government of India has secured a USD1.5bn loan from the Asian Development Bank (ADB) to help fund its response to the COVID-19 pandemic, which has weighed heavily on the country’s growth prospects.
29 Apr 2020
Philippines Returns to International Capital Markets to Sell Dual-Trancher
The Philippines raised USD2.35bn from the sale of dual-tranche bonds in a deal that generated more than USD9bn in demand.
28 Apr 2020
Mozambique Secures USD309mn IMF Loan for Balance of Payments Support
The International Monetary Fund (IMF) approved a SDR227.2mn (approx. USD309mn) emergency loan for Mozambique late last week in a bid to help the country meet urgent balance of payment and fiscal needs stemming from the COVID-19 pandemic.
27 Apr 2020
Celsia Taps Local Markets with a COP200bn Dual-Tranche Bond
The company – one of the most prolific and well-recognised issuers in the energy sector – came to market at a difficult time, but successfully secured 3.6x oversubscription on the new notes, with proceeds going to a bond buyback.
22 Apr 2020
Kenya’s Banking Sector Poised for More Consolidation – Cytonn Investments
With 38 lenders catering to just over 52 million people, and despite a series of mergers, the Kenyan banking sector appears overbanked. Further consolidation is expected in the years to come, which could result in a number of larger, better-capitalised, more stable banks, according to Cytonn Investments.
22 Apr 2020
EM Bond Covenants Strengthen Slightly – Moody’s
Emerging market covenant scores have improved slightly in the six months prior to 31 March, according to a recent report from Moody’s. The period saw covenant quality scores strengthen to 3.25 from 3.35 over the same period a year prior – far stronger than those seen on bonds issued in EMEA and North America, exceeding them in all categories except one.
20 Apr 2020
Investors Cast Aside Oil Concerns and Pile into Petronas Bonds as Orderbook Peaks at USD37bn
Any concerns over the outlook for oil prices were seemingly cast aside this week as investors got their first chance in five years to buy bonds issued by Malaysian state-owned energy giant Petroliam Nasional (Petronas), which raised USD6bn in a triple-tranche offering that priced inside IPTs across the curve.
16 Apr 2020
Eurochem Scraps Eurobond in Favour of New Rouble-Denominated Issuance
The company was forced to pull its latest international bond issuance after a roadshow in London as market sentiment deteriorated rapidly, and is now seeking to tap the rouble market instead.
14 Apr 2020
Qatar Reopens GCC Capital Markets with USD10bn Trade as Other Sovereigns Consider Raising Funding
Qatar has returned to the capital markets with the sale of a USD10bn Eurobond, marking the latest issuance from EM sovereigns returning to the markets.
8 Apr 2020
Tabreed Acquisition of Emaar-Owned Dubai District Cooling Business 'Credit Positive'
The National Central Cooling Company PJSC, better known as Tabreed, acquired an 80% stake in Emaar-owned Downtown Dubai district cooling business from the real estate giant in a deal valued at AED2.48bn, a deal fund managers described as a win-win.
7 Apr 2020