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Energy

Enel Americas CFO: ‘These are Challenging Times, but a Unique Learning Opportunity Too’

In an exclusive interview Bonds & Loans spoke to Aurélio Bustilho de Oliveira, CFO Enel Américas, about ESG, deleveraging and coping with the impact of the pandemic while also supporting the supply and value chains.

21 May 2020

Americas Energy CFO Insights

OPEC+ Production Cuts Will Place Additional Strain on Nigeria’s Economy

Adhering to the recently agreed OPEC+ oil production cuts will only deepen Nigeria’s economic problems and exacerbate its difficulties with external finances, according to a recent report by Fitch Ratings. Whilst liquidity provided by multilaterals will help ease some pressures in the short-term, macroeconomic strains will continue.

20 May 2020

Oil Market is Rallying ‘Much Too Soon’ – ING

Oil markets continued to make a modest recovery this week amidst moves to ease lockdown restrictions in a number of countries worldwide. But a sustained recovery could be some way off, according to Warren Patterson and Wenyu Yao, commodities economists at ING.

19 May 2020

Emerging Market Oil & Gas Operators Could Benefit from Quasi-Sovereign Status

With oil having recently dipped into negative territory and investors turning bearish on emerging markets and other risk assets, you would think the prospects for emerging market oil & gas companies in international capital markets would be slim to nil. But you may be wrong.

6 May 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

Technical Factors See Oil Prices Diverge, Slip Into Negative Territory as Producers Approach Capacity Limits

Oil futures dropped sharply through Monday afternoon, with WTI leading the decline to close at negative USD37.60, the first time oil futures settled in negative territory.

21 Apr 2020

World Bank Approves USD500mn Loan to Ethiopia

The World Bank has approved a USD500mn loan to Ethiopia, in order to support the government’s ‘Homegrown Reform Agenda’, underpinned by the Second Ethiopia Growth and Competitiveness Development Policy Operation (DPO).

26 Mar 2020

Looking Past the Pandemic: Where Will the Opportunities Lie?

The advent of the COVID-19 pandemic has derailed the outlook of investors worldwide as growth and trade grind to a halt. With no clear end to the crisis in sight, many are increasingly bearish. But according to Hani Redha, Multi Asset Portfolio Manager at Pinebridge Investments, if investors look past what is likely a temporary downturn, then there are opportunities in the distance.

24 Mar 2020

Emerging Economies to see Boom in Off-Grid Renewables – Wood Mackenzie

Enormous strides have been made towards developing effective and affordable ways of generating power over the past decade, with technological innovation enhancing the viability of off-grid solutions. For emerging economies, a boom in off-grid energy will likely enhance access to swathes of the population, argues Wood Mackenzie. For state utilities, however, off-grid solutions could be…

18 Mar 2020

Oil Plunges as OPEC Standoff with Russia Escalates

While the cartel and Moscow wait to see who blinks first, Brent could fall below the crucial USD50-mark by April.

6 Mar 2020

As Oil Plummets, Pemex Seeks to Shore Up Finances with Braskem Idesa Contract Renegotiation

Mexico’s president, who famously scrapped the partially-completed New Mexico Airport project, is similarly intent on cancelling the oil giant’s contract, which he feels was signed under unfavourable terms. What that will mean for Pemex’s credit – and for the already souring investor sentiment around Mexico – is another question.

29 Feb 2020

Additional State Support for Eskom Unlikely for Now, But Available if Needed

Measures to support the ailing South African state-owned utility introduced throughout the past year should prove sufficient as the government moves to break up the company into three separate entities, ING predicts, amid reports of new closure threats at its largest operational power plant.

26 Feb 2020

Sovcombank Sees Opportunities in Russia’s National Projects, Retail, and Green Finance

A number of large Russian banks were briefly teetering on the edge three years ago, as the industry was hit by a wave of bankruptcies and bad headlines. What followed was a five-year cleanse of the sector by the Central Bank and affiliated government agencies, and those lenders that came out unscathed at the end of it are now reaping the benefits of a less crowded and more stable industry. One of…

14 Feb 2020

Termocandelaria CEO, CFO on Colombia’s Rising Energy Capacity, Funding Plans, and Importance of ESG for Renewables Companies

In January 2019 Termocandelaria, the largest non-hydro power generation company in Colombia tapped the international capital markets for the first time with a USD410mn offering of 7.875% senior notes due 2029, marking the first corporate high-yield bond out of Latin America that year. A year on to the day, Termocandelaria re-tapped its existing bond for a further USD186mn at an impressive 110% of…

6 Feb 2020

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