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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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Sunac China Holdings made an opportunistic buyback of some of its outstanding dollar bonds on Thursday, in a move that bankers said can add some liquidity into the debt market while instilling confidence in the real estate company’s cash reserves. -
Mercedes-Benz Auto Finance broke an almost year-long break from the China auto ABS market this week with a Rmb6.316bn ($892m) deal. The company added a three month revolving period to its transaction, a rarity for issuers.
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Colombia’s Ecopetrol became the first of Latin America’s big national oil companies to launch an action plan to combat the continued fall in oil prices as it looks to preserve cash.
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Emerging market bond conditions got worse and worse this week as investors struggled to sell bonds quickly enough to keep up with outflows. Though some investors said they had lined up a shopping list of cheap purchases, it could be some time before they decide to pounce.
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Even the top-rated emerging markets corporates are mostly preferring to keep cash on hand rather than take advantage of a sharp fall in bond prices to repurchase debt cheaply, bond bankers said this week.
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A broken bond market is incapable of providing emerging markets issuers with funding as the financial effects of the coronavirus pandemic and the oil crash run riot. Official institutions’ support is needed, after the asset class took a brutal beating this week, write Ross Lancaster and Oliver West.
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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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Emirates NBD Capital: An unrivalled conduit for Middle East liquidity
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