Emerging market bond bankers were not joining the panic on Monday, as equity investors and traders jettisoned their sanguine attitude to the Covid-19 coronavirus outbreak, driving stock indices lower.
Brazilian airline Gol said on Friday that it would be redeeming in March a bond it had tried — and mostly failed — to repurchase a year ago.
The International Monetary Fund (IMF) has sent a team to Lebanon to provide technical advice to the country.
Sibur, the Russian petrochemicals company, is unlikely to go public in 2020 because of unfavourable macroeconomic conditions, its CFO tells GlobalCapital.
Luminor Bank has mandated leads for the first covered bond from the Baltic region.
Dubai Islamic Bank is embarking on a roadshow having mandated nine banks for a long five year or seven year dollar benchmark sukuk.
Tanzania’s Ministry of Finance has raised a $1.46bn loan — its largest foreign loan to date — to finance the construction of a railway from Dar es Salaam to the centre of the country.
Dar Al Arkan Real Estate Development Company moved beyond the usual five year tenor it normally issues at on Wednesday, making the most of investors’ willingness to take on longer maturity paper.
Brazilian pulp and paper company Suzano is working on structuring a bond that would reflect its commitment to sustainability.
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Argentina's plans to restructure $67bn of debt in under two months may look naive to some but the ambition the government has so far demonstrated point towards a good outcome.
Europe’s capital markets are back in super-demand mode.
Luminor Bank has mandated leads for the first covered bond from the Baltic region.
| Rank | Lead Manager | Amount $bn | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 13.79 | 61 | 8.20% |
| 2 | Citi | 12.61 | 59 | 7.50% |
| 3 | Standard Chartered Bank | 9.33 | 50 | 5.55% |
| 4 | HSBC | 8.98 | 72 | 5.34% |
| 5 | BofA Securities | 8.37 | 31 | 4.98% |
Yandex, the Russian internet company, has reopened the equity-linked bond primary market in EMEA after more than a month without any new issues, by issuing a huge $1.25bn five year convertible bond. The books are covered at the midpoint of the terms, a source close to the transaction said. It will be priced at that level.
Frontier market bond issuance dropped in 2019, with sovereign issuance at its lowest figure since 2011, amid signs that private-sector creditors are pulling back from riskier countries.
Foreign investors maintained their strong bid for Gulf bonds this week, taking half the allocations for a $750m five year sukuk deal from Boubyan Bank.
Stanbic IBTC Holdings, the Nigerian subsidiary of Standard Bank, has raised a loan of $150m, from a consortium of international lenders, according to bankers. A number of African banks have come to market over the last 12 months, defying economic and country-specific risks to achieve attractive terms on their financing, a trend that is likely to continue.
Global market volatility triggered by fears surrounding Covid-19 outbreak, finally hit Latin America bonds on Monday just as bankers said they are preparing another heavy wave of issuance.
Some of the most powerful organs of the Chinese government are doing their best to calm nerves in the domestic bond market. Local governments once again voiced their support for widespread bond issuance this week, while the central bank tried to convince investors not to fret over default risk.
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