Citi
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There was no sign of a post-Thanksgiving shutdown in the CEEMEA market yet as mandates continued to roll in for a variety of issuers.
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German car company BMW became the third issuer to sell a deal in the infrequent Eurodollar new issue market this November, as well as solidifying its position as the largest seller of corporate MTNs in 2017.
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Issuers in the Gulf Cooperation Council are increasingly considering project bonds as a viable funding option for infrastructure projects in the region, said bankers.
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The Development Bank of Kazakhstan has mandated three banks for the first ever tenge senior unsecured Eurobond from the country.
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Energo-Pro became the latest high yield corporate to join the recent run of supply from central and eastern Europe on Thursday, increasing the size of its debut deal after a decent bookbuild allowed it to raise an additional €20m.
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The Islamic Republic of Pakistan raised $2.5bn from a sukuk and a conventional bond on Thursday, finding strong support from the buy-side.
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Alibaba Group Holding navigated every roadblock on its way to a $7bn issuance on Wednesday, sealing the second largest corporate bond from Asia after its own $8bn debut three years ago. The unexpected sell-off in tech stocks and US Treasuries posed only a small challenge to the tech giant’s debt market return, writes Addison Gong.
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Emirates Sembcorp secured the second project bond this year from the United Arab Emirates on Wednesday, and after a two day execution, the new deal came flat to fair value.
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Chinese local government financing vehicle (LGFV) Gansu Provincial Highway Aviation Tourism Investment Group Co launched a euro bond on Thursday, returning to the debt market a year after its international debut.
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Greece was able to exchange more than €25bn of old bonds for new assets in an exercise designed to normalise the borrower’s curve. The offer ended on Tuesday, in the midst of discussions about the conditions that will be attached to Greece’s next tranche of emergency loans.
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Emirates Sembcorp Water & Power revised guidance for a new issue downwards on Wednesday morning after taking orders of $2.3bn.
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Srei Equipment Finance, a wholly-owned subsidiary of Srei Infrastructure Finance, filed a draft prospectus for its IPO with the Indian market regulator on Tuesday.