Deals
Rouble-Eurobonds to be hampered by sanctions
Despite clear demand for Russian rouble-denominated paper amongst the international investment community, US and EU sanctions would prevent many issuers from tapping international markets. Entities that can access dollar markets will do so despite reduced pools of liquidity, whilst the local markets will remain the preserve of sanctioned entities.
14 Sept 2016
CASE STUDY: Equate Sets M&A Financing Benchmark with Dual Tranche Bridge Loan
Kuwait-based Equate Petrochemical’s US$6bn conventional and Islamic dual-tranche acquisition bridge loan was one of the largest deals of its kind in the region, maximising stakeholder liquidity while helping to create a regional petrochemicals powerhouse.
12 Sept 2016
Green bonds set for launch at Mexico City’s new airport
Mexico City’s new airport is poised to issue green bonds to cover part of the project’s financing needs. The issuance comes after a number of other green bond issuances from Mexico, particularly from the country’s development bank. With such issuance looking set to continue, the nation’s position as a leading green bond issuer across EMs appears secure.
9 Sept 2016
VEB aside, Russia’s ‘turn to the east’ more hot air than not
Russia’s VEB is looking eastwards for funding, a move which came just after a fresh round of sanctions from the US. Although there is significant rhetoric around a turn to the east for Russia, it appears more political as many Russian corporates and indeed the sovereign have issued dollar bonds this year.
6 Sept 2016
An External Perspective on Investing in Mexico
As one of the strongest countries in Latin America, Mexico is an attractive investment destination. The country’s geographic and economic proximity to the US brings benefits as well as concern. Jack Deino, Head of EM Corporate Credit, BlackRock discusses potentially lucrative investment opportunities as well as the risks investors will face going forward.
5 Sept 2016
CFO View: Drilling Down into PDO’s Funding Strategy with Haifa Al Khaifi
Haifa Al Khaifi serves as Finance Director of Petroleum Development Oman, LLC. She joined the company in 1995, and currently manages the company’s capital and operational funding strategy. Haifa also serves as a Board Member and Treasurer for the Oman Society for Petroleum Services, and an Advisory Board Director for the Academic Innovation Assistance Program (AIAP) at Sultan Qaboos University.
30 Aug 2016
Appetite for Codelco highlights strong Chilean market
High levels of oversubscription on Codelco’s local currency bond suggests the country’s local markets remain liquid as its outlook and fiscal situation continues to stabilise.
26 Aug 2016
Mexico’s Head of Public Credit Alberto Torres on Mexico's Funding Strategy for 2017
The Mexican government has been very active in the international capital markets this year with various benchmark-sized transactions. Alberto Torres, Head of Public Credit at the Ministry of Finance discusses these foreign currency-denominated transactions in more detail, as well as the government’s funding strategy for next year.
23 Aug 2016
Middle East to see busy Q3 as credit pipeline swells
The recent increase in Middle Eastern debt issuances over the last month signals the opening of a new window for both borrowers and investors in the region. A strong pipeline is already in the making, which will attract a significant amount of demand from a wider investor base than before due to the quality and higher yield of Middle Eastern debt compared to other EMs.
22 Aug 2016
Sovereign bond unlikely to drive up Mexican corporate issuance
The near US$3bn bond issued by the Mexican sovereign demonstrates how in-demand the country’s fixed income assets are. However, unlike in other LatAm countries, there will not be a significant amount of corporate bond offerings as a direct result, as the markets have been open to such entities all year. Nevertheless, a substantial spread rally could see corporates make opportunistic issuances.
9 Aug 2016