Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
Five year bond set to be priced much tighter than the development bank's last senior issue
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
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The longer dated tranche of African Export-Import Bank’s (Afreximbank’s) two and three year loan received the most commitments in general syndication even though it was the first time the borrower borrowed at such a long tenor. -
Standard & Poor’s has surprised to the upside, revising Poland’s outlook to stable from negative while maintaining South Africa’s investment grade status last Friday. The latter decision prompted a 15bp-20bp rally in both South African sovereign and corporate debt.
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Though Egypt is reeling from the central bank’s action to float its currency last month two Egyptian borrowers are in the market for hard currency loans this week, but unsecured corporate loans will be slower to come, said bankers.
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The busy equity block trade action in Europe since the US election has continued into its third week, though market participants are beginning to brace for the outcome of the Italian referendum on Sunday.
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Holders of South African assets face another nervous Friday waiting for a sovereign rating decision, this time from S&P.
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The Egyptian subsidiary of Abu Dhabi telecoms firm Etisalat is raising a $278m loan described as having “UAE pricing” because — despite the currency risks involved in Egyptian loans — the deal is secured by the borrower’s offshore foreign currency revenues, according to bankers.
