
Middle East
Saudi lands $3bn export financing agreement with Korea
Saudi Arabia has secured an export financing agreement with Korea’s export credit agency and trade insurance corporation.
Saudi Arabia has secured an export financing agreement with Korea’s export credit agency and trade insurance corporation.
After a record breaking year for sovereign bond issuance in central and eastern Europe, 2021 could be a different story, thanks to the European Union's vast economic support packages that could reduce the need for many CEE countries to tap international bond markets.
Colombia’s public credit head told GlobalCapital that the sovereign had wanted to move quickly to get ahead of potential volatility as it printed $2.84bn of new bonds this week as part of a liability management operation.
Four heavily oversubscribed Latin American new issues fetched tight pricing on Thursday, dispelling the unease felt at the week’s start and putting the region firmly on track to fulfil the predictions of record primary volumes for a January.
Junk-rated emerging market sovereigns Benin and Oman sold bonds this week, with market participants saying their new issue premiums were minimal.
Turkish bank Yapi Kredi launched a tier two dollar bond on Thursday, with demand strong enough for bookrunners to attempt to squeeze pricing.
Energean, the London-listed oil and gas company, has signed a $700m loan to develop a gas field off the shore of Israel, as the company enters the final stretch in having the field up and running.
Just over a week after it reopened EM bond markets with a dollar deal, Mexico is turning to euros for a dual tranche new issue as part of a liability management exercise.
The Dominican Republic raised $2.5bn across two tranches amid an improving tone in EM bond markets on Wednesday, providing an encouraging sign to the several Latin American credits expected to price before the week is over.
Wizz Air proved on Wednesday that markets are open for even those debut emerging market issuers in affected sectors.
Turkey’s Yapi Kredi, Russia’s Credit Bank of Moscow and Banque Ouest Africaine de Banque Ouest Africaine de Développement have all approached investors this week to sound out interest in hard currency bonds.
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.
View dataCredit rating agencies are attracting harsh criticism over their treatment of emerging market sovereigns. Some in the bond markets believe it threatens to undermine their authority when it comes to assessing creditworthiness.
Frazer Ross, head of investment grade debt syndicate for Europe, the Middle East and Africa at Deutsche Bank, is taking a sabbatical.
Damien Loynes' syndicate responsibilities at Crédit Agricole have been expanded.
Gazprom, the Russian state oil and gas company, launched its first international bond in almost two years. However, concerns in the market remain about how the incoming Biden presidency will affect Russian corporates, including Gazprom.
The Kingdom of Bahrain launched a $2bn triple-tranche bond on Wednesday, the second sovereign trade from the Gulf region this year.
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.
Junk-rated emerging market sovereigns Benin and Oman sold bonds this week, with market participants saying their new issue premiums were minimal. However, bankers think total activity across CEEMEA over the last two weeks has been “underwhelming”.
Chile tapped bond markets for $4.25bn-equivalent of funding on Tuesday, starting with a 10 year green tap and new long-dated social bond in euros, and then following a similar playbook in US dollars.
China International Capital Corp (CICC) raised a larger-than-planned $1.5bn from the bond market on Tuesday in a deal driven by Asian accounts.