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Emerging Markets

GlobalCapital Bond Awards 2020

Turkey prices $2.25bn flat to curve

CEE

Turkey prices $2.25bn flat to curve

Turkey raised a dollar bond on Tuesday, pricing $2.25bn of 10 year funding flat to its curve, demonstrating that investors believe it is recovering after a period of financial peril.

25 Nov 2020

Latin America

Peru to go local in 2021 after rare big year in dollars

Peru plans to return to its pre-pandemic strategy of focussing raising its funding from local currency markets, said the country’s director of public treasury after the sovereign became the fourth Latin American sovereign to sell a century bond on Monday as part of a $4bn deal.

25 Nov 2020
Latin America

Belize default warnings return months after coupon postponement

Central American sovereign Belize could be at risk of requiring yet another rescheduling of its bond payments, said analysts, as its debt reaches unsustainable levels and with the temporary relief that creditors granted earlier in the pandemic likely to be insufficient.

25 Nov 2020
Covered Bonds

Hungary euro covered bond issuance set for revival

After a decade of slumber, the market for euro-denominated Hungarian covered bonds could be poised to reopen.

24 Nov 2020
CEE

Romania and Ivory Coast extend EM sovereign rush

CEEMEA sovereign borrowers extended their last minute funding spree this week with Romania joining Ivory Coast in the primary bond market.

24 Nov 2020
Latin America

All-in cost made century bond perfect for Peru, says DMO

Peru grabbed the bond market’s attention on Monday with a $4bn triple-tranche issue including a 100 year bond despite the country being on its third president this month.

24 Nov 2020
CEE

Serbia goes for dollars in second outing of the year

The Republic of Serbia this week raised a dollar bond in its second offering of the year, in what has been an exceptionally busy year for central and eastern European sovereign issuers.

23 Nov 2020
Middle East

Junk-rated Oman taps investors in cash grab to bolster finances

Oman, one of only two sub-investment grade sovereign credits in the Gulf region, tapped two of its dollar bonds for $500m this week as it seeks to shore up state finances.

23 Nov 2020
Latin America

Bolivia bonds stable despite debt relief plan

International investors have remained sanguine about the chances of a restructuring of Bolivia’s sovereign bonds even after the finance minister said the recently elected government was seeking payment relief on some external debt.

23 Nov 2020
CEE

Som like it hot: Uzbekistan entices investors with dual currency bond

The Republic of Uzbekistan, which debuted in international debt markets just last year, sold a dual currency bond this week, as foreign investors eyed up an Uzbek som tranche.

20 Nov 2020

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Comment

Bovine exuberance

It felt like a great weight had been lifted from financial markets this week. Two weights in fact.

12 Nov 2020

Bond Comments

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People & Markets

‘The US is back’: hopes of Biden multilateral boost grow

A Joe Biden White House offers an opportunity for international and regional multilateral financial institutions to lobby for extra financing to deliver essential assistance to countries hit by Covid-19, according to experts.

12 Nov 2020
Citi sets up unit to advise governments on digitalisation

Naveed Sultan will develop and lead a new digital policy, strategy and advisory practice for governments, corporates and financial institutions at Citi, and has been appointed chairman in the bank's institutional clients group (ICG).

30 Oct 2020

CEE

Lenders hopeful for CEE pick-up in 2021

Bank lenders are hopeful that volumes across the typically active central and eastern Europe region will pick up, after what has been a disappointing year. This week Romanian meat processing company Carmistin Group raised a syndicated loan from a range of regional lenders, which is one of only five deals signed in the country this year.

27 Nov 2020
Turkey USD2.25bn 5.95% Jan 2031
Turkish banks steam ahead with funding
Turkey prices $2.25bn flat to curve
Hungary euro covered bond issuance set for revival

Middle East

Islamic Finance

Egypt steams on with diversification as sukuk debut approaches

Egypt, which has already entered international debt markets twice this year, is on its way to debuting in the sukuk market following cabinet approval for an Islamic financing bill. The sovereign raised its debut syndicated loan in September that included an Islamic tranche, which bankers said was a fitting prelude to a sukuk.

10 Nov 2020
EM bond issuers squeeze into swift closing issuance window
Pakistan calls for banks for new bond programme
Sukuk issuance shrinks despite market efforts to diversify into sustainability
Saudi Electricity Company goes green with sukuk

Africa

EM sovereigns home and hosed for the holidays

The coronavirus pandemic means many parts of the US are experiencing an unusual festive period. But emerging markets sovereigns broke another Thanksgiving tradition by flooding primary bond markets with new deals on what is usually a quiet week for new issues — even as levels of stress are rising sharply at the riskier end of the asset class. Oliver West and Mariam Meskin report.

26 Nov 2020
Ivory Coast EUR1bn 4.875% Jan 2032
Romania and Ivory Coast extend EM sovereign rush
Africa shows up at last as Ivory Coast mandates for euros
Sappi sells $120m convertible, first since 1995

Latin America

EM sovereigns home and hosed for the holidays

The coronavirus pandemic means many parts of the US are experiencing an unusual festive period. But emerging markets sovereigns broke another Thanksgiving tradition by flooding primary bond markets with new deals on what is usually a quiet week for new issues — even as levels of stress are rising sharply at the riskier end of the asset class. Oliver West and Mariam Meskin report.

26 Nov 2020
Bondholders pile pressure on Arg provinces
Guatemala pays US court award to dodge default
Peru to go local in 2021 after rare big year in dollars
Belize default warnings return months after coupon postponement

Asia

China policy and markets round-up: Baoshang Bank to start bankruptcy proceedings, Beijing, Hong Kong to expand Stock Connect, India bans more Chinese apps

In this round-up, China’s banking and insurance regulator decides to allow beleaguered Baoshang Bank to go bankrupt, Hong Kong’s chief executive says pre-profit biotech stocks and some Star companies will be added to the Stock Connect programme, and India moves to ban another 43 China-based mobile applications.

27 Nov 2020
Dexin scores single digit coupon, 11.75% yield
JD Health to close HK$27bn IPO book early
Tata offshore holdco nabs $300m bond refi
Apex closes $50m loan for Thai business