Deals
Fighting for pricing in Africa
Kenya is planning a new Eurobond issuance, which although unlikely to price better than the country’s last offering, is expected to not be far off. The country is still able to attract investors to its local currency debts, especially as another relatively strong performer in the region on the foreign debt side, Nigeria, has experienced significant volatility in its currency.
1 Jul 2016
As Argentine pipeline swells to nearly US$4bn, investors question value
Following a spate of sovereign, quasi-sovereign and corporate issuances, Argentine entities continue queuing up to tap the market, with the pipeline now swelling to nearly US$4bn. Though there are few signs asset managers are getting “full” on the country’s debt, some are beginning to question whether the sovereign’s credit rating is holding many of its corporates back.
1 Jul 2016
Fibria’s CRAs popular with hungry investors
Fibria has issued CRAs in the Brazilian local markets which were well received by investors. The significant demand stems from the fact that CRAs are rarer than other issuances due to their complex structures, alongside the company’s strong credit rating.
30 Jun 2016
CASE STUDY: First International Residential Mortgage Backed Covered Bond in Turkey
As the first ever international residential mortgage covered bond in Turkey, Vakifbank’s €500mn issuance led the way for other Turkish banks to capitalise on this growing market and opened up new pools of liquidity for the institution.
27 Jun 2016
CASE STUDY: Etihad Group bond accelerates carrier growth
Etihad Aviation Group, which operates through a number of wholly-owned subsidiaries, has been able to successfully close two deals in quick succession, the latest being a US$500mn RegS bond. The company has accelerated its network growth to acquire the largest route network of any Middle Eastern carrier.
24 Jun 2016
Could lending restart in Zimbabwe?
Zimbabwe could soon reach an agreement to repay arrears owed to foreign institutions. Although the move could kick-start lending in the country, political changes will likely be a key factor for foreign FIs as they mull any shift in their operations.
23 Jun 2016
Russian corporates tuck into reserves
Russian corporates face large upcoming debt maturity repayments over the coming years, with the markets seeing a sharp rise in corporate debt buybacks. However, as many Russian entities have acquired large dollar reserves from previous issuances, many Russian bond buybacks are likely to be funded by reserves.
16 Jun 2016
Nigeria’s FX policy won’t harm foreign bonds
Nigeria’s Eurobond roadshow in London has demonstrated that there would be appetite for a sovereign bond, despite lingering concerns over the country’s FX policy among investor and unwillingness on the Nigerian side to fully devalue the naira. Although local debt may fluctuate, there is unlikely to be any significant effect on the country’s foreign bonds.
10 Jun 2016
Oman adds to the ME sovereign debt frenzy with US$2.5bn bond
While smaller than recent deals seen from its Middle Eastern peers, Oman added its name to a growing list of sovereigns to issue new debt in the region with a US$2.5bn dual-tranche bond. The deal could entice quasi-sovereigns and large corporates to tap the markets.
9 Jun 2016
Commodity-linked corporates find window in Brazil
Brazilian corporates like mining giant Vale are looking to tap international markets in a brief window provided by higher commodity prices and an improving economic outlook in the country. The majority of funding would be used to refinance existing debt.
8 Jun 2016