Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
The trade, like previous yen issuance, carries a guarantee
ECA-backed deal comes after AFC raises $2bn to fund infrastructure development
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
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Eskom drew $4bn in orders for its $1bn 10 year bond on Tuesday. Analysts argued the issuer was generous with its pricing, but bookrunners countered it offered the same concession as many other CEEMEA credits and wisely took advantage of a stable window in an uncertain market.
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Banque Centrale de Tunisie, the central bank of Tunisia, priced a 10 year Samurai bond on Wednesday guaranteed by the Japan Bank for International Cooperation. The size fell short and the pricing wide of the issuer’s last Samurai deal, though bankers involved with the trade said the result was positive given the instability in North Africa throughout 2013.
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Angolan state-owned oil firm Sonangol is expected to sign its $2.5bn five year loan by the end of August. Around 20 banks are thought to be considering the facility.
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Several Nigerian financial institutions have rejected the margins offered by international banks for syndicated loans and are holding out for lower pricing.
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First Bank of Nigeria priced the first dollar tier two bond from the country in over six years on Wednesday, and analysts are expecting its peers to follow. The deal achieved only a modest oversubscription, but syndicate bankers suggested this was down to tight pricing.
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The International Islamic Liquidity Management Corp will this month issue $490m of sukuk commercial paper — the first of its kind in the Islamic market — after more than 2-1/2 years of work on the project.
