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Placement 3.7 times subscribed, weeks after regulator halted unauthorised marketing of a purported public offer
Cracks emerge in underlying quality as banks appear to teeter further into cautiousness
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Emirates Global Aluminium (EGA) has raised a $600m syndicated facility, which replaces a number of uncommitted bilateral loans. -
The outbreak of the coronavirus has added to challenges in a surprising part of Asia’s capital markets — loan syndications, typically known for being resilient and slower to be hit by global worries. But as Pan Yue reports, new loan launches have been put on the backburner and roadshows are being cancelled. Bankers are expecting more covenant waivers and difficulties in building their client base.
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Sixteen banks led Baa2/BBB rated Huatai Securities Co's $400m floating rate transaction on Wednesday.
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Asian issuers found strong response to their dollar bonds on Wednesday, coming to the market after a rough start to the week on the back of the coronavirus-related volatility. As investors show their willingness to take on risk again, debt bankers are optimistic the pressure on the market will be lifted before long, writes Morgan Davis.
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Bahraini iron pellet producer Bahrain Steel is in discussions with lenders to refinance an existing facility, according to bankers. The deal, some say, is part of a broader trend among emerging market borrowers seeking to secure more attractive conditions.
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The Export-Import Bank of Korea (Kexim) raised $500m from a five year bond on Wednesday, becoming one of the first borrowers to reopen the dollar market after Chinese New Year and the rapid spread of a new virus.
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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
