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Cost of printing a five year bond has fallen a long way since October
The bank is considering bond issuance in currencies other than the euro
◆ Intesa Sanpaolo's Slovakian arm is a frequent issuer ◆ Banker said 33bp could be through FV ◆ CEE covereds offer the widest spread, ABN wrote
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Banco de Crédito del Perú (BCP) could raise over $1bn-equivalent of dollar and nuevo sol denominated bonds in international markets as it looks to fund a buy-back of senior debt. -
Colombian airline Avianca has extended the early-bird period of a vital exchange offer after United Airlines and Kingsland Holdings said they needed a bigger take-up from bondholders in order to provide at least $250m of shareholder funding.
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Though many other parts of the primary bond market seem to have fired the starting gun for autumn issuance, the emerging markets are yet to join them. But there is plenty of difficulty to contend with for those invested in Latin America.
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The Republic of Mozambique has released a consent solicitation for its outstanding $726.5m 10.5% 2023s, which a bondholder group representing 68% of the notes has said they will accept, hoping that this will draw a line under the Ematum tuna bonds saga that has plagued the country since their issue in 2013.
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Saudi Arabia’s sovereign wealth fund, Public Investment Fund (PIF), is close to finalising its second syndicated loan, which is scheduled for September. Margins are slimmer than on the borrower’s debut last year, according to bankers, though some in the market wondered if the fund will push even further on pricing before the deal is done.
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BNP Paribas has shut down its offshore banking unit in the Philippines, according to the country’s central bank.
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