Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
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Investors were eager to tender their bonds despite initial resistance
Inclusion of a variable rate instrument was not acceptable to official creditors
Oil producer's cost of funding has fallen hundreds of basis points since February
Sovereign's Eurobond began about 40bp back of fair value, said leads
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While emerging market bond investors are spending their days in the Covid-19 crisis battling with poor liquidity, cash calls from end investors, and even the odd new issue, debt relief has remained a threat, albeit only a vague one. But at policy level the topic is of growing importance, and what began as a matter for official institution creditors took a step closer to embroiling the private sector this week. Ross Lancaster, Phil Thornton and Oliver West report. -
The African business unit of China Nonferrous Metal Mining (Group) Co, a mainland state-owned company, is tapping the offshore loan market for the first time, seeking $300m.
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Banks providing reserve-based lending facilities to oil exploration companies are looking to sell these loans, usually held and refinanced as ultra-secure relationship products, at bargain basement prices.
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South African bank Investec has chosen to extend the tenor of an existing loan instead of refinancing it, in an attempt to avoid paying the wider margins lenders are demanding as a result of the coronavirus pandemic.
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With emerging markets across the globe facing an overwhelming liquidity squeeze, the IMF said on Thursday that it would “look for solutions that can unlock critical financing” in countries where the unsustainability of debt prevented the fund from lending, potentially increasing funding options for the most stressed of countries.
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Nigeria, Africa's largest economy, is the latest emerging market to approach international financing institutions for help to deal with Covid-19.
