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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South Africa based Growthpoint is talking a new euro-denominated bond at mid to high 2% yield, following investor meetings last week. -
Johannesburg-listed real estate investment trust Growthpoint will next week test whether investor appetite for South African debt has been negatively affected by the series of ratings actions on the country last weekend.
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Japan Bank for International Cooperation (JBIC) and a syndicate of lenders have provided a $2.73bn loan to finance the construction of a railway and upgrade a port in Mozambique, which will ensure the long term supply of coal to Japan from the African country.
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Exotix Capital has brought on three new hires to its frontier markets research team ahead of the introduction of MiFID II.
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Buying the dip has driven investor activity this week with South African bonds causing them to rally despite S&P downgrading the country, and a strong indication that Moody’s will drop its rating to junk in February.
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Investors in South African bonds have bought on the dip because, even as the country’s economic outlook deteriorates, the only way for bonds is up. But positive reinforcement of the country’s poor governance and deteriorating economy reduces the incentive to reform and only postpones what will be a bigger investor stampede for the exit when the time comes.
