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Emerging Markets

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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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  • Air Baltic, an airline owned by the Latvian government, has released initial price guidance for its €200m five year non-call three debut bond at 6.75%-7%.
  • Impala Platinum Holdings, the South African platinum mining company this week completed a tender offer to convert its 2.25% June 2022 $250m convertible bonds into stock, with a high near full acceptance rate from bond holders.
  • CEE
    Czech energy distributor EP Infrastructure came to market on Tuesday morning for a seven year Reg S benchmark — its second ever bond. The bond had been announced on Monday as a dual tranche six year and 10 year.
  • CEE
    CPI Property Group printed a Reg S tap of its $350m 4.75% March 2023s on Monday, but some chopping and changing over the size during execution had some rival syndicate managers expressing consternation.
  • The sellers of Oltin, a closed-ended fund seeking to invest in Uzbekistan, have decided to postpone a public listing and proceed with private fundraising after investors expressed a preference for an unlisted fund structure.
  • Colombian airline Avianca will use a par exchange to attempt to tackle a $550m May 2020 bond maturity, offering noteholders collateral and potential for a coupon increase — if the company is able to renegotiate certain loans.