SSA - All articles

  • Asian Development Bank — ADB

    • 24 Jan 2014
  • Funding scorecard - Sovereigns

    The rampant start to 2014 by peripheral eurozone sovereigns is clear to see in this week's funding scorecard, with the region's comeback kids Ireland and Portugal halfway and a quarter way through their funding programmes already. Spain has also made promising progress in its attempt to hit what is its largest ever funding target, with nearly a fifth of its total already in the bag. Italy will look to move into double figures from its 4% status in the coming weeks with a widely expected syndication.

    • 24 Jan 2014
  • KBN shows Kauri demand remains as volatile swap causes headaches

    Kommunalbanken made its first appearance of the year in New Zealand dollars on Thursday, tapping four year Kauri bonds. Other issuers are mulling deals for next week, but may be forced to hold off as syndicate bankers wrestle with a volatile basis swap with just a narrow window before Chinese New Year shuts the market down.

    • 24 Jan 2014
  • Schäuble pitches for Eurozone RMB crown

    Wolfgang Schäuble, Germany’s finance minister, talks to EuroWeek’s Toby Fildes about Germany and Frankfurt’s ambitions to become the Eurozone home of the renminbi, the impact that banking union will have on financial services and centres in Europe and whether or not enough has been done to prevent the economic crisis from returning.

    • 24 Jan 2014
  • Central bank buying to keep Kangaroo trades coming

    Kangaroo deal flow is set to remain high through January as issuers look to take advantage of a strong appetite for Australian dollars from central banks and domestic investors.

    • 17 Jan 2014
  • Philippines reprices curve with benchmark switch

    The Republic of the Philippines sold a hugely successful $1.5bn 10 year transaction on January 9, switching existing investors out of $1bn of more costly dollar debt and into the new bond. Massive oversubscription enabled the borrower to price the new notes with a negative new issue premium in an exercise that completely repriced the sovereign’s curve, said a banker involved in the sale.

    • 17 Jan 2014
  • Not just window shopping: January sales best for sovereigns

    January frontloading is traditional for sovereign issuers, but could be more important this year than ever. Investor demand and the prospect of rising rates mean savvy states should follow the lead of the first issuers of the year — and quickly.

    • 14 Jan 2014
  • Hong Kong tables sukuk bill with plans for debut

    Hong Kong has moved a step closer with its plans to issue a sukuk, with the government having introduced new laws under its bond programme.

    • 13 Jan 2014
  • Philippines reprices bond curve with benchmark switch

    The Republic of the Philippines sold a hugely successful $1.5bn 10 year transaction on Thursday, January 9, switching existing investors out of $1bn of more costly dollar debt and into the new bond. Massive oversubscription enabled the borrower to price the new notes with a negative new issue premium in an exercise that completely repriced the sovereign’s curve, said a banker involved in the sale.

    • 10 Jan 2014
  • Philippine 10 year funds drive-by bond exchange offer

    The Republic of the Philippines launched its first global benchmark bond in two years on Thursday as part of the first accelerated switch offer from an Asian sovereign.

    • 10 Jan 2014
  • Indonesia $4bn blowout rivals Asia sovereign record

    Indonesia burst on to the market in style this week with a $4bn dual tranche extravaganza that equalled the largest ever bond from an Asian sovereign. A colossal order book, record US participation and a strong secondary performance for the 10 and 30 year issue demonstrated that with the right strategy and spread, Asian sovereigns that were under pressure just a few months ago can bring blowout deals, writes Steve Gilmore.

    • 10 Jan 2014
  • US drives pricing tight for Sri Lanka return

    The Democratic Socialist Republic of Sri Lanka managed to price its first dollar bond in two years through its existing curve. While response to the $1bn deal was tepid in Asia, US investors showed no such reticence.

    • 10 Jan 2014
  • Central bank buying encourages strong start in Kangaroos and Kauris more to come

    Export Development Canada is set to sell the first Kauri bond of the year this Friday, a five year note that is seeing a strong bid from central banks. One of the Washington supras is expected to bring a similar trade next week, while niche bankers are also planning a number of deals in the same maturity in Kangaroo format.

    • 10 Jan 2014
  • Indonesia $4bn blowout rivals sovereign record

    Indonesia started 2014 in style this week with a $4bn dual tranche behemoth that equalled the largest ever bond deal from an Asian sovereign. A colossal orderbook, record US participation and a strong secondary performance for the 10 and 30 year tranches demonstrates that with the right strategy, Asian sovereigns that were under pressure mere months ago can bring blowout deals.

    • 08 Jan 2014
  • Sri Lanka prices tight for dollar return on the back of US demand

    The Democratic Socialist Republic of Sri Lanka managed to price its first dollar bond in two years through its existing curve. While response to the $1bn bond was tepid in Asia, US investors showed no such reticence.

    • 07 Jan 2014
  • Indonesia woos buyers with wide guidance for dual trancher

    Indonesia became the second Asian sovereign in the market this week on Tuesday launching a dual tranche bond split between 10 and 30 year tenors. Bankers away from the transaction were struck by the high starting point on the 30 year piece, but buyers felt the strategy was sensible given concern around the credit.

    • 07 Jan 2014
  • Shanghai Chengtou US dollar debut shows new LGFV funding option

    The first onshore dollar bond from a Chinese local government financing vehicle (LGFV) has showcased another funding option for indebted municipalities amid continued high onshore borrowing costs in local currency.

    • 06 Jan 2014
  • Korea finally approves bank covered bond, issuance cap boosted to 8%

    Korea has finally passed its Covered Bonds Act becoming the first Asian country to have legislation for covered debt.

    • 06 Jan 2014
  • Sri Lanka sets price guidance for five year

    Sri Lanka has launched price guidance for first overseas dollar bond since July 2012 in what is expected to be a busy start to the year for sovereign issuance.

    • 06 Jan 2014
  • Updated: Indonesia mandates for dollar 10 year, expected next week

    The Republic of Indonesia is expected to return to the bond markets next week with a 10 year US dollar denominated deal.

    • 03 Jan 2014