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GC Asia
Africa
SA bond tipped as EM HY names safe ‘for now’ from rates volatility
South Africa is set to come to the market for a dollar bond, despite rising US Treasury yields unsettling bond investors.
01 Mar 2021
Emerging Markets
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Latin America
Vale to redeem euro notes as iron ore soars
Brazilian mining giant Vale said on Friday that it plans to prepay its €750m January 2023s as record iron ore prices allowed it to build cash levels greater than its gross debt.
01 Mar 2021 -
Emerging Markets
DB leads ECA-backed funding for Ghana infrastructure projects
Ghana has secured two loan agreements, which are backed by the export credit agency of Italy, Sace.
26 Feb 2021 -
Emerging Markets
EM bonds start to suffer as UST volatility takes toll
Emerging market assets took a hit after several days of US rates volatility this week as market participants braced for further gyrations and issuers avoided raising dollar bonds.
25 Feb 2021 -
Latin America
El Salvador rally withstands volatility as bonds look beyond midterms
El Salvador’s bonds retained recent gains on Thursday as EM’s riskiest credits proved resilient to the week’s US Treasury sell-off, with bondholders hoping that Sunday’s mid-term elections will give president Nayib Bukele the political capital he requires to implement an IMF programme.
26 Feb 2021 -
SRI / Green Bonds
Banks and investors’ backing of fossil fuels clash with their climate pledges
Banks and investors’ claims to be acting on climate change appear to clash with the financing they still provide in the real economy, research showed this week — such as plans to increase fossil fuel production and consumption, even in the UK and France.
25 Feb 2021 -
Latin America
Petbra bonds recover but CEO sacking raises Brazil doubts
Spreads on Petrobras’s bonds recovered most of their lost ground this week after a sharp sell-off followed Brazilian president Jair Bolsonaro sacking the company’s chief executive on Monday.
25 Feb 2021 -
CEE
CEE sovereign duo sell bonds in deep euro market
Serbia and Croatia issued euro-denominated bonds this week.
25 Feb 2021 -
Middle East
Saudi euro bond underwhelms despite negative yield
Saudi Arabia sold its second euro denominated bond on Wednesday, achieving a negative yield — the first bond of its kind from a Middle East issuer.
25 Feb 2021 -
Equity-Linked
América Móvil cheapens €2.2bn exchangeable
América Móvil, the Mexican telecommunications company controlled by Carlos Slim, had to cheapen the terms of its €2.2bn bond exchangeable into shares in Dutch telco KPN, but still achieved a remarkably cheap refinancing of a non-core stake.
24 Feb 2021
Go to GlobalCapital's Emerging Markets data pages for the latest information on priced deals, league tables and our proprietary database of Islamic Finance deals.
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SLBs and escaping secular stagnation
This week in Keeping Tabs: do investors want companies to fail on sustainability-linked bond targets? And what what happens to the economy under a Joe Biden presidency in the US?
05 Feb 2021
People & Markets
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Citi’s Fraser makes net zero pledge on first day as CEO
Jane Fraser, CEO of Citigroup, said on Monday — her first day in the post — that the bank was committing itself to net zero financed greenhouse gas emissions by 2050.
01 Mar 2021 -
HSBC switches regional leadership amid 'expanding' Middle East ambitions
HSBC has shifted responsibility for its regional businesses and given chief financial officer Ewen Stevenson a broader remit, ahead of updating investors with results on Tuesday and amid its overhaul of operations.
22 Feb 2021
CEE
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DenizBank's gender-focused DPR securitization snares EBRD help
DenizBank is using its diversified protection rights (DPR) securitization programme to funnel cash into women-led businesses and renewable energy, snaring a $100m loan from the European Bank for Reconstruction and Development (EBRD).
02 Mar 2021 -
Moscow sets sights on green bond
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Rusal secures funding from Russian banks for smelting project
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Fix Price opens IPO books with ‘rare’ cornerstone combo
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Serbia EUR1bn 1.65% March 33
Middle East
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‘Cusp’ credit Sharjah mandates for dollars but investors show caution
The Emirate of Sharjah is sounding out investors for a dollar bond syndication, just months after its last issue. Some investors, however, said they were wary that the issuer was on the cusp of becoming a sub-investment grade credit.
02 Mar 2021 -
Mamoura follows euro pipeline with mandate
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EM bonds start to suffer as UST volatility takes toll
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Saudi Arabia EUR1bn 0% March 24 EUR500m 0.625% March 30
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Saudi euro bond underwhelms despite negative yield
Islamic Finance
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Flurry of Uzbek corps set to debut, diversification on horizon
Diversification has taken hold in central Asia's Uzbekistan, which over the last two years has started its pivot towards international capital markets. According to sources, a plethora of debut deals is expected to hit markets in coming months.
07 Jan 2021 -
Egypt steams on with diversification as sukuk debut approaches
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EM bond issuers squeeze into swift closing issuance window
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Pakistan calls for banks for new bond programme
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Sukuk issuance shrinks despite market efforts to diversify into sustainability
Africa
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SA bond tipped as EM HY names safe ‘for now’ from rates volatility
South Africa is set to come to the market for a dollar bond, despite rising US Treasury yields unsettling bond investors. High yielding emerging market borrowers are insulated from the volatility in the US govvie market for now, market participants said.
01 Mar 2021 -
DB leads ECA-backed funding for Ghana infrastructure projects
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US yields dampen EM local currency bond optimism
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Oil recovers but EM petro states warned to diversify funding as revenues plunge
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IMF talks: Ukraine saga could prompt bond but Africans fare better
Latin America
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Jujuy strikes creditor deal on green bond restructuring
Argentina’s northernmost province, Jujuy, said on Monday evening that it had reached an agreement with more than half the holders of its $210m green bond regarding a restructuring proposal that would grant it significant short-term debt relief.
02 Mar 2021 -
Minerva eyes Wednesday pricing after triple upgrade
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Vale to redeem euro notes as iron ore soars
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El Salvador rally withstands volatility as bonds look beyond midterms
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EM bonds start to suffer as UST volatility takes toll
Asia
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Hong Kong eyes Spac IPO opportunities
Hong Kong is exploring the possibility of getting in on the craze around special purpose acquisition companies (Spac), which has begun to gain ground in Asia this year.
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Toyota sets high bar for China’s ABS market in Year of the Ox
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China South City pays hefty yield for $175m bond
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KDB markets green, Sofr trade
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Korea’s Coupang throws open $3.6bn US IPO
