Deals
Sub-Saharan Africa Not in Debt Crisis… Yet
Sub-Saharan Africa (SSA) is not yet facing a debt crisis, and issuing debt is the only way for the economies of the region to fund their existing debt and finance their budget deficits. However, prudent use of funds is necessary to maintain credibility otherwise Eurobond funding is likely to dry up, the cost of which local and concessional borrowing alone will not be able to cover.
2 Nov 2016
CASE STUDY: Cablevisión kick-starts Argentine corporates borrowing
Argentine TV and broadband provider Cablevisión’s US$500mn 5- year bond was the first corporate issuance to emerge from the country since the sovereign’s return to the international debt capital markets in April, and was also the first corporate to utilise Argentina’s new local securities rules.
28 Oct 2016
Saudi deal to facilitate wider Middle East bond issuance
Saudi Arabia has finally come to the market with its long awaited bond, pipping Argentina’s record with a US$17.5bn deal – the largest-ever issuance from an emerging market entity. The bond came in tighter than some expectations, and will facilitate further bond issuances from Saudi corporates and across the Middle East.
20 Oct 2016
Threat of sanctions forces Russian Railways to rethink new chief appointment
Russian media report suggests international bond default risk could force the state-owned transportation giant to backtrack over the appointment of Mikhail Fradkov as the new company head.
19 Oct 2016
Turkey’s post-downgrade US$1.5bn bond feat puzzles sceptics
Opinion is divided about the reasons behind Turkey’s recent success on the international debt markets, but questions remain over the country’s long-term investment potential.
18 Oct 2016
LatAm leads sovereign issuance across EM
A large number of corporate debt maturities across EM over the next two years combined with a commodity downturn pressuring government finances have led to large amounts of borrowing across the asset class for 2016, with Latin American sovereign issuance standing out among its EM peers.
14 Oct 2016
Impact of dollar shortage varies across Nigerian banks
Nigeria’s banking sector is facing significant pressures from a lack of dollar liquidity. Further devaluation in the naira would exacerbate NPL levels – which the country’s newest project, the Development Bank of Nigeria – would do little to alleviate. However, whilst some lenders are completely locked out of the international markets, others are in relatively good shape and are still able to…
12 Oct 2016
Oman’s local banking sector remains resilient
Omani companies are making their presence known in the international loan markets. Although larger entities prefer international funding because it is cheaper due to the relatively small size of the local markets, the domestic banking sector remains strong, although heavy domestic government borrowing, designed to cover its deficit, could see pressures increase.
11 Oct 2016
Russia forays into bond markets as liquidity woes ease
Russia’s strengthening presence on the bond markets marks a gradual recovery, with banking sector liquidity woes premature, observers say.
10 Oct 2016
Middle East debt remains strong – still sees demand
Middle Eastern sovereign debt issuance is already at a record high for 2016, and total issuance for the year also seems likely to set a new record. Low oil prices have caused a re-pricing of risk in the region, and although some see no value in GCC debt – viewing issuances as ‘trophy deals’ others, particularly in Asia, are keen to pick up corporate and sovereign paper.
10 Oct 2016