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Secondary market selling of private bonds may be wreaking havoc with the primary market for public debt but the trades were still the right thing to do
Sovereign's $3bn deal tightens well as Asian demand returns
The sovereign's public and private bonds of similar maturities are trading over 25bp apart
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Almarai, the largest dairy company in the Middle East, sold its $500m five year sukuk on Tuesday having drawn a huge $5.3bn of demand for the deal — the first from a Saudi investment grade private corporate issuer. -
Most investors agree that emerging markets are in for a big year, based primarily on an overdone sell-off at the end of last year. But Jan Dehn, head of global research at Ashmore Group, believes that the asset class will benefit from a big realignment in asset allocation in the medium term.
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Emirates Development Bank, an agency guaranteed by the United Arab Emirates, hit screens for its debut five year Reg S benchmark on Wednesday, with initial price thoughts that looked promising to bankers away from the deal.
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The Russian sovereign is expected to come to market for a Eurobond, perhaps as early as March, but some investors are concerned that the strained diplomatic relations between Russia and the West make its paper too dangerous to invest in.
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Turkish lender QNB Finansbank has mandated six banks to arrange a dollar 5.5 year Reg S/144A benchmark senior bond, the first senior bond from a Turkish bank since March.
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China’s Hefei Guoxuan High-Tech Power Energy is back in the offshore loan market, seeking a smaller deal with a juicier price after cancelling its debut international borrowing last year.
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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
