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A double digit premium to the dollar curve lured in overseas buyers, who took a 'large chunk' of the bonds
Investors have lots of cash and are eager for new issuance
Investors are keen for new bonds and better rated borrowers may not want to issue in numbers
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Argentina’s second largest city, Córdoba, said on Wednesday that holders of 83.79% of its bonds had agreed to its consent solicitation — enough to trigger the collective action clause and enable the issuer to restructure the entire $150m note. -
The Central American Bank for Economic Integration (Cabei) said it became the first multilateral lender to sell a Covid-19 “vaccine bond” after raising $50m of five-year money to support immunisation initiatives when Covid-19 vaccine becomes available.
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Russian equity capital market bankers are preparing to reactivate the country’s IPO scene with a number of deals lined up for next spring, though some may even be priced this year.
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Emerging market issuers have crept back into the small issuance window in international markets after a brief pause for the US elections, with Dubai Islamic Bank and Uzbekistan’s Ipoteka Bank issuing dollar-denominated bonds this week.
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Volkswagen Finance (China) priced a nearly Rmb8bn ($1.2bn) auto loan asset-backed securities deal this week, the eleventh in its Driver China series.
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Canal+ Polska, the Polish satellite TV network, has pulled its IPO on the Warsaw Stock Exchange, despite the strong momentum behind emerging market equities.
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