There is still, however, a large pipeline of issuers from that region that are not yet pulling the trigger. Bankers say that though market conditions are relatively benign, many issuers are waiting for better before diving in. Because of that, some are expecting a busy post-September window as issuers look to print before year end even if market conditions are not substantially improved.
In Latin America, Chile-headquartered Latam Airlines became the latest name in the LatAm new issue pipeline as banker predictions of a supply pickup after Monday's Memorial Day holiday in the US could, for once, be proven correct.
The owner of Chile's Lan and Brazil's Tam is opting for simple senior unsecured notes this time, having sold the first ever enhanced equipment trust certificates (EETCs) from Latin America just two weeks ago. Mexico's CFE is also meeting investors until the middle of next week, but has not announced any deal plans. Brazilian company BR Foods could provide a bit of variety: the company may announce its planned euro-denominated green bond this week.
Despite recent calm in markets regarding US rate rises, Latin American companies that mostly have avoided turbulent bond markets so far in 2015 now have no reason to wait for the middle of summer to execute any funding plans, say DCM bankers.
While this year's traditional first round of Turkish bank refinancing has almost reached an end, Akbank has taken the market in a new direction. The bank, which typically sets a lead for peers to follow and in March pioneered a novel 367 day loan tranche, is readying its second ground-breaking deal of 2015.
Three banks are coordinating Akbank’s new three year loan – the first of this tenor in the Turkish financial loan market. But loan officials with knowledge of the deal have so far declined to comment on which firms those are, or the size of the loan.
Oman’s Bank Sohar is seeking a $250m debut syndicated loan and has asked Arab Banking Corporation in Bahrain to arrange the deal.
Bank Sohar will pay 120bp over Libor for the three year facility. It will use proceeds to fund its general business activities.
Francesca Young +44207 7797313; Steve Gilmore +44207 779 8297; Dan Alderson +44207 779 7311
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