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Emerging Markets

Covid-19

Emirates NBD secures $750m AT1 in EM FIG resurgence

Middle East

Emirates NBD secures $750m AT1 in EM FIG resurgence

Bankers and investors say FIG issuance will return to the fore after a sovereign-dominated first half of the year.

03 Jul 2020

Latin America

YPF swap not distressed but Argentina battles on

As tensions between Argentina and its largest bondholders climbed this week, the government’s prize asset, oil firm YPF, differentiated itself with a debt exchange that, according to rating agencies, does not punish creditors — unlike the sovereign’s proposals.

02 Jul 2020
Emerging Markets

Ukraine set to raise $2bn at ‘impressive’ level after Poland prints negative in euros

Ukraine was set to issue a highly anticipated bond on Wednesday, having started pricing with what some experts called "impressive" initial price thoughts.

01 Jul 2020
CEE

Ukraine crisis cash in jeopardy after CB chief quits

The shock resignation of the governor of Ukraine’s central bank on Wednesday night led the sovereign to pull its much-anticipated Eurobond, which had priced just moments before.

02 Jul 2020
CEE

Poland lands negative yield with euro bond

Poland has become the first CEEMEA country outside the eurozone to sell a bond with a negative yield since the onset of the coronavirus pandemic.

02 Jul 2020
Latin America

Suriname to reschedule 23s but restructuring risks loom

Suriname took a market-friendly approach to arranging debt relief this week as bondholders agreed to delay the amortisation schedule on its 2023s.

02 Jul 2020
Middle East

Jordan rakes in $1.75bn as investors lap up fringe and sub-IG EM credits

The Hashemite Kingdom of Jordan and Hikma, a Jordanian company listed in London, hit screens this week, raking in cash and proving appetite for credits along the rating spectrum.

01 Jul 2020
Latin America

Brazilian Rumo squeezes pricing on green debut

Brazilian railroad operator Rumo tightened pricing sharply on the first green bond from Latin America in the coronavirus era on Tuesday, as bankers said that the environmental label gave investors more options over where to place the bond.

01 Jul 2020
Latin America

Peru’s Interbank prices T2 on heels of BCP

Banco Internacional del Perú (Interbank) sold a $300m subordinated bond on Tuesday on the back of a 2.5 times subscribed order book, just two business days after its largest domestic rival sold $850m in the same format.

01 Jul 2020
Emerging Markets

Sibur mandates for dollars as EM preps for corp supply

Emerging market investors are anticipating a wave of corporate and FIG issuance from across the CEEMEA region, which they say will be welcomed with open arms.

29 Jun 2020
Emerging Markets

Turk Eximbank secures World Bank-guaranteed loan

Turkey Export-Import Bank has raised a €380m loan with a partial guarantee from the World Bank.

29 Jun 2020
Latin America

Lat Am bankers spy busy pipe after Cosan double

Debt capital markets and syndicate bankers covering Latin America say that there is plenty of primary market activity on the way before the end of summer, as new issuance ticked over during the shortened July 4 week.

02 Jul 2020

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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Comment

EIB might give banks the jolt they need on climate

The weakness of communication along the capital markets chain is one reason why so little progress has been made on greening the economy.

25 Jun 2020

Bond Comments

more bond comments

People & Markets

Reacting to Wirecard, EM outlook is marred, climate risk is hard

Each week, Keeping Tabs brings you the very best of what we in the GlobalCapital newsroom have found most useful, interesting and informative from around the web.

03 Jul 2020
Ukraine crisis cash in jeopardy after CB chief quits

The shock resignation of the governor of Ukraine’s central bank on Wednesday night led the sovereign to pull its much-anticipated Eurobond, which had priced just moments before.

02 Jul 2020

CEE

Emirates NBD secures $750m AT1 in EM FIG resurgence

Bankers and investors say FIG issuance will return to the fore after a sovereign-dominated first half of the year. Three bank issuers this week showed that the market is open for non-sovereign issuers. As fears of a second wave of Covid-19 infections and November's US presidential elections threaten volatility, some say the usually quiet summer period may be inundated with EM issuance.

03 Jul 2020
Sibur USD500m 2.95% Jul 25
Poland EUR2bn 0% Jul 23
Banks begin pre-sounding for autumn IPOs
Poland lands negative yield with euro bond

Middle East

Emirates NBD secures $750m AT1 in EM FIG resurgence

Bankers and investors say FIG issuance will return to the fore after a sovereign-dominated first half of the year. Three bank issuers this week showed that the market is open for non-sovereign issuers. As fears of a second wave of Covid-19 infections and November's US presidential elections threaten volatility, some say the usually quiet summer period may be inundated with EM issuance.

03 Jul 2020
Jordan USD500m 4.95% Jul 25, USD1.25bn 5.85% Jul 30
Jordan rakes in $1.75bn as investors lap up fringe and sub-IG EM credits
EM investors move down credit curve as Jordan and Sibur hit screens
DP World prints $1.5bn hybrid as corps stack pipeline

Islamic Finance

Emirates NBD secures $750m AT1 in EM FIG resurgence

Bankers and investors say FIG issuance will return to the fore after a sovereign-dominated first half of the year. Three bank issuers this week showed that the market is open for non-sovereign issuers. As fears of a second wave of Covid-19 infections and November's US presidential elections threaten volatility, some say the usually quiet summer period may be inundated with EM issuance.

03 Jul 2020
Jordan USD500m 4.95% Jul 25, USD1.25bn 5.85% Jul 30
Jordan rakes in $1.75bn as investors lap up fringe and sub-IG EM credits
EM investors move down credit curve as Jordan and Sibur hit screens

Africa

Cross-default clauses are contentious point in EM debt relief debate

Pressure is mounting on private sector investors to join official institutions in granting debt relief to emerging market borrowers. An important point will be whether private investors agree to waive cross-default clauses for sovereign borrowers.

01 Jul 2020
Redefine Properties restructures as pandemic hits landlords
EBRD prints Algerian dinar-linked note
Demand for primary ECM holds despite second wave fears
Bondholders team up ahead of Zambia LM

Latin America

Suriname to reschedule 23s but restructuring risks loom

Suriname took a market-friendly approach to arranging debt relief this week as bondholders agreed to delay the amortisation schedule on its 2023s. But a full restructuring remains on the cards.

02 Jul 2020
YPF swap not distressed but Argentina battles on
Peruvian bank duo turn to tier two for funding
Lat Am bankers spy busy pipe after Cosan double
Suriname goes easy on 2023 holders but fiscal fright feared

Asia

China markets round-up: Local governments asked to recapitalise smaller banks, Bond Connect celebrates three-year anniversary, Luckin fails to ouster chairman

In this round-up, local governments are encouraged to use debt raised to improve smaller lenders’ capital ratio, the Bond Connect scheme launched three years ago helps foreign holding in Chinese bonds to top Rmb2.6tr, and Luckin Coffee’s Lu Zhengyao holds on to his chairman role.

03 Jul 2020
Country Garden launches $1.5bn refi
Luckin Coffee chairman survives ouster vote
China policy round-up: Sino-US relationship worsens, Beijing commits to maintaining supply chains, India bans WeChat
JG Summit ends seven year hiatus with $600m bond