With an infrastructure gap estimated at USD50bn annually, Brazil is falling behind many of its regional peers. As the state pulls back from financing projects, private investors are ready and willing to step in – but many tell Bonds & Loans they need a steady and enabling regulatory environment to find their footing in the sector.
24 Jan 2020
Ferroport’s USD350 million project bond issuance and Brazilian debenture bridge financing included very innovative uses of flexible payment profiles and cash escrow accounts. It was also rare 144z/RegS single-offtaker deal, carried out in a jurisdiction that is typically quite challenging for project financings.
22 Jan 2020
Niger State Governor Alhaji Abubakar Bello has written to the House of Assembly to request legislative approval to issue up to NGN25bn (approx. USD69mn) in sukuk.
21 Jan 2020
Saudi Arabia’s Ministry of Energy kicked off the third round of Kingdom’s National Renewable Energy Program (NREP) and is seeking bidders on new projects with a total generation capacity of 1.2GW.
10 Jan 2020
Three years after Abu Dhabi’s recently completed 1.17GW Sweihan photovoltaic (PV) plant attracted what were at the time record-low tariffs, GCC-focused project developers continue to break new barriers as tried and tested PPA and project funding structures begin to crystallise and the cost of funding drops.
13 Dec 2019
With a pipeline that includes transforming deserted islands into resort towns and near empty coastal beaches into cities the size of Washington DC, and increasing the proportion of homeownership to 70% of occupants, there are few if any examples that seem to rival the scale of ambition – or the interconnectedness and complexity of the challenges – entailed by the Saudi government’s bid to rapidly…
13 Dec 2019
The Saudi government has set itself the ambitious task of turning roughly 70% of the population into homeowners, leading to a rapid step-up in mortgage provision and bolstering the need for balance sheet solutions required to keep the all-important liquidity wheel turning. That’s where Saudi Real Estate Refinance Company (SRC) comes into the picture. We speak with Fabrice Susini, the CEO of SRC,…
4 Dec 2019
Bonds & Loans examines the strengths, weaknesses, opportunities and threats facing the Brazilian market following a research trip to the region.
22 Nov 2019
The Mexican REIT followed up its June USD1bn issuance with an impressive USD1.1bn dual-tranche revolving committed credit facility, with the spread linked to pre-agreed sustainability KPIs, an instrument that was the first of its kind in the region.
15 Nov 2019
The UAE property market has made headlines throughout 2018 and 2019 – but largely for the wrong reasons, with oversupply and subdued demand straining balance sheets against the backdrop of sluggish economic growth. But not all property developers seem downbeat about the sector’s prospects. Fresh off securing the company’s debut credit rating, Mika Toivola, CFO, of Azizi Developments, a…
13 Nov 2019
Kenya currently faces an infrastructure financing gap of USD4bn, according to data from the World Bank, with the government’s recent borrowing spree unlikely to plug it. Bonds & Loans hosted an exclusive breakfast roundtable discussion with bankers, developers, and investors to explore the bottlenecks preventing local institutions from investing Kenyan money in Kenyan projects.
6 Nov 2019
A sleepy summer period for Mexico’s capital markets was awoken by a slew of real estate deals, including bonds issued by Fibra Uno and Terrafina, but the extent to which these issuances reflect sustained resilience and heightened activity in the sector, at a time when a slowing economy is posing challenges for most corporate issuers, remains unclear.
29 Oct 2019
One of the most recent infrastructure development projects to be closed in Colombia encountered some last-minute hurdles due to the escalation in tensions between the US and China, making it among the most complex financings out of this country in recent years.
23 Oct 2019
EM benefited greatly from the improvement in US-China trade relations and quite possibly Brexit. The dollar is likely to remain under some pressure near-term as a result. Yet we must caution investors against getting too optimistic. The details of the partial trade deal still need to be worked out, while existing tariffs will still remain in place if the deal is signed next month as most expect.…
14 Oct 2019