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◆ Gulf private placements bite back ◆ Bond new issue premiums rise ◆ CLOs catch a break
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
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Russian borrowers are returning to life as investors start to brush off sanctions risks, though issuance is still weak compared to the same time last year. Evraz hits the road for a five year dollar bond on Wednesday and Credit Bank of Moscow (CBM) came to market on Monday. -
Uralkali, a Russian potash fertiliser producer, has sent out a request for proposals to lenders in a bid to raise $1bn. But bankers say that the Russian market is beset with difficulties that are delaying the few transactions in the pipeline.
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Qatar Islamic Bank has launched its $750m five year benchmark sukuk at 150bp over mid-swaps.
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The Republic of Benin has opened books for its debut bond — a six year euro amortiser. Ghana is also expected to enter the market on Tuesday, following a roadshow to promote a dollar bond.
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Chinese outdoor leisure products developer Bestway Global Holding has closed its debut offshore borrowing at a reduced size of around $88.9m.
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Chinese power generator and local government financing vehicle (LGFV) Yunnan Provincial Energy Investment Group reopened a 2021 bond on Monday. Investors flocked to the deal, showing more enthusiasm than they did for the original syndication four months ago.
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