Citi
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The recent success of Indian borrowers in the offshore bond market has sparked talk of a revival in issuance from the nation. While abundant market liquidity and the low yielding environment are a boon for issuers in the high beta country, the window is expected to be short lived, writes Narae Kim. -
A secondary sell-down in shares of South Korea’s LIG Nex1 is seeing a hot reception in the market, with the block expected to price at the top of the range to raise W90.5bn ($79.1m).
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Kazakhstani crude oil company Tengizchevroil (TCO) pulled in pricing 50bp from initial guidance on Wednesday to print its $1bn 2026s only 10bp over the Kazakhstan sovereign, according to a bookrunner on the deal.
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US banks, which opened second quarter reporting this week and last, said Brexit had driven ‘new peaks’ in volumes at trading divisions, with signs of market share gains for the US houses as well.
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Dutch-American materials firm Advanced Metallurgical Group has amended a $320m loan. The issuer also improved the terms of the deal, having made a commitment in 2011 to lower its leverage.
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Macedonia returned to the bond market on Tuesday to finally print a €450m seven year bond after a challenge to the legality of the issue forced a postponement of the deal when leads opened books on July 14.
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Kazakhstani crude oil company Tengizchevroil (TCO) has released price guidance for its $1bn 10 year bond at 300bp over US Treasuries, a level that one analyst called fair.
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ONGC Videsh made an opportunistic move on Tuesday, taking advantage of abundant market liquidity to achieve what some considered an aggressively priced bond. But with expectations high that the window for issuance is short lived, more credits from the high beta country will keep knocking on investors’ doors.
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Export-Import Bank of India is set to meet and update investors in Asia, the Middle East and the United States ahead of a proposed 144A trade.
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NRW.Bank will bring a no-grow $1bn three year dollar benchmark on Wednesday, after African Development Bank and Rentenbank on Tuesday comfortably raised dollars in longer tenors.
