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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
Even as USTs stay near 5%, supply expected to pick up
Data
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Russian consumer finance bank Home Credit & Finance Bank has hit the road to market a rare AT1 in a deal that could be a test of emerging markets investors’ risk appetite for less vanilla deals. -
Just four days after extending the expiry date on an exchange offer, Telecom Argentina has given up trying to persuade bondholders to swap existing 2021s for a combination of longer-dated bonds and cash.
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Philippine conglomerate Ayala Corp raised $400m this week, after bringing fixed-for-life perpetuals back to the Asian bond market.
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Bankers and journalists often complain about how much things have changed in Hong Kong, with long lunches and even longer nights making way for rigid meetings, PowerPoint presentations and low-fat lattes. Taipan was reminded of the old ways this week ─ and his head is still throbbing.
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The Republic of Indonesia raised more than $2bn from a dual-currency bond sale on Wednesday, taking some of the market by surprise with its opportunistic move.
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India’s non-banking financial companies have been under fire for the past year, after the collapse of Infrastructure Leasing & Financial Services (IL&FS) in 2018 spooked investors and dragged down the sector. But Muthoot Finance, a gold financier, proved this week that some capital-starved NBFCs can still find an audience in the international bond market. Morgan Davis reports.
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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
