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◆ The threat of US corporate issuance to European borrowers ◆ The new funding environment for Middle East banks ◆ Reviving UK equity capital markets
Swiss investors retain appetite for credit as yields become more attractive
As war drags on, banks are boosting hoards of cash after deposit outflows
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It has been the biggest week of the year for bond issuance in CEEMEA, but cracks are starting to show in the bull market for emerging market debt, as the two largest deals — $10bn from Abu Dhabi and $5bn from South Africa — have traded below re-offer since being printed on Monday. Investors are blaming oversupply and starting to push back on pricing, write Francesca Young and Lewis McLellan. -
Samruk-Kazyna, Kazakhstan’s sovereign wealth fund, has offloaded a small part of its stake in Kazatomprom, the state-owned uranium mining company, via an accelerated bookbuild on Wednesday evening.
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Industrial and Commercial Bank of China (London) has closed its first green loan, a $370m dual currency facility, a year after issuing its debut green bond.
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Russia’s State Transport Leasing Co, also known as GTLK, printed a $550m Reg S bond on Wednesday from a book of more than $1.3bn, with a surprisingly high proportion of US offshore demand.
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Montenegro came to market on Thursday for its first ever 10 year bond. Demand for the euro deal proved strong enough for the issuer to raise €500m and allowed the leads to set the yield roughly flat to fair value.
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Kazakhstan printed a €1.15bn dual tranche bond on Wednesday from a book of more than €3bn at its peak, at levels that lead managers said were 6bp inside the curve for the seven year and 4bp inside for the 15 year. Bankers away from the deal saw fair value differently but conceded that there could be different views on the calculation.
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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
