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It is difficult to see issuance conditions growing much better in the foreseeable future
Trade follows a private placement the bank made after the US-Iran war started
Qatari dairy company’s rights issue struggles to get done
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Seen with cynical eyes, the launch of JP Morgan’s Development Finance Institution (DFI) is simply an attempt to expand its emerging markets footprint — already the largest in the business — by capitalising on two trends: the wave of cash fleeing low yields for EM, and the unassailable momentum of the socially responsible investment movement. -
JP Morgan has created a Development Finance Institution (DFI), which will see its investment bank originate and distribute assets scored on their developmental impact. But specialists have questioned the bank’s ambitions and raised concerns about how this unit will operate.
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Russian borrowers are hitting the loan market early this year, as they push for tighter margins and looser covenants as volumes shrink. Norilsk Nickel, the nickel and palladium producer, is refinancing an existing $2.5bn facility, which bankers say will have tighter margins than the original deal that boasted the slimmest margins of any Russian syndicated loan in 2017. But not all lenders are as willing to concede to the Russians, writes Mariam Meskin.
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The risk that huge amounts of oil and gas assets will be stranded by moves to tackle the climate emergency may be more pertinent for sovereign credit than for private sector corporate debt, according to new research.
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Three CEE banks announced new bond issues this week. Armenia's Ardshinbank has printed a $300m five year bond, Credit Bank of Moscow sold a $600m five year and Sovcombank, another Russian bank, has released plans for a roadshow.
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Three CEEMEA sovereigns — the Kingdom of Saudi Arabia, Romania and Ukraine — joined a market this week gripped with a frenzy of new issues. All three deals went well and drew praise and attention in their own rights.
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
