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The sovereign's public and private bonds of similar maturities are trading over 25bp apart
◆ 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
Data
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Mubadala Investment, an Abu Dhabi sovereign wealth fund, has raised MR1.04bn ($254.4m) after selling a number of its shares in RHB Bank, according to a source close to the deal.
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Bond investors are betting that Brazilian steel producer Companhia Siderúrgica Nacional (CSN) can complete its comeback from the brink. Its bonds have rallied strongly enough for some holders to speculate a new issue may be on the cards.
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Hong Kong-based online brokerage Futu Securities is on track to raise $160m after cutting the size of its IPO and signing up international investment fund General Atlantic for a private placement.
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Banks outside the top five in the league tables, especially those operating in emerging market bonds, often sing a song that would tug at the heart strings if set against a solo violin. They claim that the league tables for CEEMEA deals often do not represent the banks that do the bulk of business in each region because the huge jumbo deals that occasionally spring up skew the results wildly in favour of the big firms. But the numbers show that claim is utter nonsense.
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Koç Holding opened books for a six year dollar benchmark, returning to the bond market for the first time in three years. While market participants said that initial price thoughts looked generous, they expected the spread to be tightened aggressively before pricing.
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Siberian Coal Energy Co (Suek) is expected to refinance an existing $1.5bn loan and, in doing so, set the benchmark as the first big Russian loan of the year. The transaction offers a sliver of hope in a painfully barren market and will determine the depth of lenders’ appetite for Russian debt.
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