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On The Horizon in EMs

Deals, rating actions, currency movements, policy changes, and the occasional bit of hearsay. Here is your daily snapshot of what’s happening, and what’s on the horizon, in emerging markets.

May 26, 2016 // 5:48PM

Empresa Distribuidora de Electricidad de Salta S.A. (EDESA) plans to issue up to US$65mn in senior unsecured notes

Ghana plans to issue a GHS500mn 3-year bond within weeks

Qatar raises US$9bn in Middle East's biggest bond sale. HSBC, JP Morgan, Mitsubishi UFJ and QNB Capital LLC coordinated the sale.  The deal consisted of three tranches: US$3.5bn in five-year notes at 120 bp over Treasuries; US$3.5bn in 10-year bonds at 150 bp over Treasuries; and US$2bn of 30-year paper at 210 bp over Treasuries

Etihad raises 5-year US$500mn bond yielding 6.75%in group-level sale via EA Partners II B.V. ADS Securities, Anoa Capital, Goldman Sachs and Integrated Capital arranged the deal

DP World launches 7-year US$1.2bn sukuk at 237.5 bp over midswaps. Citi, Deutsche Bank, Dubai Islamic Bank, HSBC, Barclays, Emirates NBD, First Gulf Bank, JP Morgan, National Bank of Abu Dhabi and Societe Generale

IFC signs a US$378mn financing package with Axion Energy Argentina, consisting of a US&78mn loan from IFC and a US$300mn loan from several commercial banks and other financial institutions including ICBC, Santander, BBVA, Crédit Agricole and Citibank,with tenors ranging from 5 to 6 years

Kuwait Fund for Arab Economic Development loans Sierre Leone KD6mn (US$20mn) to fund the second phase of a road project there

Brazilian beef producer Marfig set to price an upsized US$750mn 7-year bond (with a 3 year non call period) at 8.25% after generating an orderbook of US$2bn.

Nigeria’s Central Bank could loosen currency controls, partially de-pegging the naira from the dollar

EBRD is considering issuing up to €500mn of its own funds and an additional €1bn alongside other banks to fund a two gas pipelines (TAPI and TANAP) through Azerbaijan and Turkey

Global Macro

Bonds & Loans is a trusted provider of news, analysis, and commentary that helps illuminate the most significant issues, events and trends impacting the global emerging credit markets.

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