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◆ Gulf private placements bite back ◆ Bond new issue premiums rise ◆ CLOs catch a break
Business has sagged in the third quarter, but the pipeline is busy, despite an intractable war
Private bonds are now being offered in the open market wider than where public deals trade
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Mexico petrochemicals company Grupo Idesa on Monday issued a supplement to the offering memorandum on a distressed bond swap as it attempts to avoid default by persuading bondholders to push out the maturity on a $300m bond due in December.
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China-based Sunkwan Properties Group is looking to Hong Kong as a venue to go public, enlisting ABC International as the sponsor for the IPO. -
Moody’s downgraded South Africa on Friday, removing the battered sovereign’s final investment grade rating. Sentiment among investors and bankers was split, with some confident that borrowers will be able to lean on their relationship lenders if needed, and others worried about the economic hit which is heading the country’s way.
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Emerging markets bondholders started the week in another round of pain as the price of oil fell to a 17-year low, dragging down risk sentiment and putting fiscal balances into more doubt.
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Wild swings in emerging market bond prices have been painful for investors this month. It is a problem that banks’ market making capabilities have compounded.
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New Development Bank, the Shanghai-based multilateral development bank, is planning to sell a Rmb5bn ($704m) Panda bond that will be used to provide an emergency loan to China.
Sub-sections
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Sponsored by CAF – Development Bank of Latin America and the Caribbean
CAF gearing up to transform regional development
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Sponsored by Emirates NBD Capital
Emirates NBD Capital: An unrivalled conduit for Middle East liquidity
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Sponsored by European Investment Bank
European Investment Bank: Supporting sustainable development in North Africa
