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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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The roadshow for Uzbekistan’s debut dollar denominated 144A/Reg S benchmark started this week, but with only two of the three international banks originally picked for the mandate still present on it.
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Russian president Vladimir Putin’s suggestion that he will extend the country’s capital amnesty by a year is good news for the country’s capital markets and a step forward in making the country less dependent on international, and primarily western, investors. -
Global fintech M&A is forecast to have another stellar year after providing multi-billion dollar lending opportunities in the last 12 months, with the UK expected to continue leading the way despite Brexit uncertainty.
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Mashreqbank, the largest privately owned bank in the United Arab Emirates, is embarking on a roadshow to market a dollar benchmark five year fixed rate Reg S senior unsecured bond.
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Gazprom, the Russian state oil and gas company, printed its $1.25bn 5.15% 2026s on Wednesday, with a book that peaked at over $5bn and with pricing estimated at 5bp-10bp inside its own curve, according to lead managers. The bond was the first from Russia in dollars since the US sanctions imposed on the country last April.
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Brazilian airline Gol found it difficult to prise its bonds out of investors’ hands with a tender offer in January, receiving only 14% take-up. CFO Richard Lark said it indicated investors’ positive sentiment towards Brazilian credit in general and Gol in particular.
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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
