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CASE STUDY: Norilsk Nickel Digs Up US$1bn in Loan Participation Notes

Leading miner Norilsk Nickel spotted a window of relative calm in global markets to sell US$1bn in 6-year senior loan participation notes, enabling the company to extend its maturity profile and capture strong investment appetite from eastern lenders.

12 Apr 2017

Copper Won’t Lead Chile’s Investment Recovery

For the past few years Chile has seen its worst economic performance since the crisis of 1981, largely the result of depressed copper prices – which have been falling since 2011. With copper being bested by rivals such as iron ore and nickel, persistent global supply disruptions, and a lack of economic diversification, some have wondered whether Chile could continue to lose out on critical…

2 Mar 2017

CASE STUDY: Minera Escondida Digs into US$1.2bn Term Loan

Minera Escondida a Chilean subsidiary of BHP Billiton, secured a US$1.2bn 5-year term loan at competitive prices to help the miner develop the world’s largest open-pit copper mine. The deal consisted of one of the largest US dollar syndicated facilities in Chile’s metals and mining industry to date.

26 Jan 2017

EM Green Bond issuance to be Unaffected by Trump

Few sectors are facing greater uncertainty from the election of Donald Trump as the new US president than green energy and renewables, but experts are sceptical that the self-confessed climate change denier could actually derail the global drive towards sustainability and stifle the rise of green finance, particularly across EM.

14 Nov 2016

Strength of Andean Economies Drives Investors to Corporate Debt

Unlike other metals, copper prices have stayed around their January lows, which have led Chile’s Codelco to lower its output. This is unlikely to impact copper prices much, as other Andean countries are ramping up exports of the commodity. The weaker fiscal position of Codelco is actually attracting investment, however, as the assets of Andean nations such as Chile and Peru do not offer…

7 Nov 2016

Copper biggest influence on Chile’s future despite crucial fiscal reforms

Business confidence has been hit in Chile on concerns over the implementation of a number of reforms across the country. However, the positive performance of the Chilean Central Bank and Ministry of Finance has continued to place the country above many of its peers in Latin America. Nevertheless, the performance of the country’s economy remains heavily tied to the price of copper, the leading…

14 Sep 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

Peru looking solid but susceptibility to external factors worrying

Peru has become one of the best investment destinations for foreign investors in Latin America. Although the outlook for the country’s economy is improving, Peru’s over-reliance on mining means the it is very susceptible to external factors such as a global economic slowdown or US rate hike.

22 Aug 2016

Commodities a top influencer on EM performance

Emerging markets are clearly susceptible to factors like a US Federal Reserve interest rate hike and Brexit, but they are most vulnerable to fluctuating commodity prices. Although exports have seen their currencies strengthen and bond yields fall on rising commodity prices, interestingly, EM commodity importers have not yet felt the negative effects of higher prices.

28 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

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