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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
Elevated new issue premiums to battle issuer desire to avoid more volatility
Data
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Magnitogorsk Iron and Steel Works (MMK), the second largest steel producer in Russia, released price guidance for a $500m five year bond on Wednesday at a level that one EM investor said looked “interesting”. -
Jerome Powell, chair of the US Federal Reserve, hinted at rate cuts to come on Tuesday night. Emerging market investors thought the talk may be premature, but could see the upside of the continuing trade war tensions: low Treasury yields and a dovish Fed.
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Investors piled into Guangdong Energy Group’s inaugural offshore bond issue, allowing the single-A rated power supplier to price the trade from an over eight times covered order book.
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Dubai’s Emirates NBD is making a quick return to the offshore loan market, inviting banks to bid for an up to $400m term loan.
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The chief financial officer of Avianca Holdings told GlobalCapital that he is in near daily discussions with export credit agencies (ECAs) to resolve two separate issues and thus allow the Colombian airline to return to bond markets to refinance a $550m bond maturing in May 2020.
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Dennis Eisele will become Credit Suisse’s head of Latin American debt capital markets in August after he ended a 19 year stint Deutsche Bank, according to an internal memo seen by GlobalCapital.
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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
