Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
Deal's concession came to just a few basis points
Uzbek bank's deal is the first deal from the country in 2026
The lender started investor meetings late in April
The trade is the first from a 'mid-tier' Uzbek lender
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The Turkish central bank delivered a 325bp cut to its main policy rate on Thursday. Although the move is larger than the 250bp consensus that had emerged ahead of the meeting, many analysts had been fearful that the move would be even more drastic — and the market appears to be rallying in relief. -
A pair of Eastern European corporate borrowers are in the market for dollar paper on Thursday, taking advantage of excellent market conditions to secure cheap funding.
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Kernel, a Ukrainian grain and sunflower producer, is set to secure yet another credit facility, alongside an amend and extend deal it recently signed. The European Bank of Reconstruction and Development will provide up to $80m of the total $300m facility, as the development bank continues to support Ukrainian corporates.
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Armenia is the latest EM borrower to take advantage of rock bottom rates with a tender offer and new bond. The sovereign will tender a 2020 bond, financing the operation with a new Eurobond.
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Ratings, huh. What are they good for? Absolutely nothing — at least not when push comes to shove in the financing of Turkey's banks. Moody's downgrade to the Turkish sovereign and the country's banks in June sparked concern among syndicated lenders. But as another round of refinancings begins, pricing is tightening and banks are heaping praise upon their Turkish counterparts.
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The first deal of the September rush set an impressive bar for a rush of borrowing from its peers in the commodities sector. Russia's Severstal pulled off an $800m five year bond priced flat to its curve, achieving the lowest yield ever for a corporate from the region.
