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Book attrition rates have been higher after August than before the break
OTP plans first Swissie issue from a Hungarian bank for 16 years
International investors take most of the book for the first time as Zabłocki's investment firm says it expects to make no further sales
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For CEEMEA and Latin American bond issuers, 2018 was not an easy year. To get a good deal done required impeccable timing — to the point of fortune telling; a nimbleness around political landmines in both regions, rising rates and falling currencies; and the courage to make difficult decisions on pricing. Often, the deals offered to issuers were not the ones they were used to. But in some cases, that did not mean they were wrong to print. Picking out the Deals of the Year for 2018 was not a straightforwardtask for GlobalCapital’s editorial team. But after much deliberation, the below were chosen, representing those market triumphs that stood out in a year of crises.
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The US slammed the international bond market shut to Russian borrowers in April by imposing sharp sanctions on a few private companies. Seven months later Gazprom sold a euro bond, but it is a unique credit. Investors are still terrified of another kicking from Western authorities. Francesca Young speaks to Russian borrowers about how they are planning their funding in uncertain times. -
Bond and currency markets rallied on Monday after Mexico’s new president Andrés Manuel López Obrador (Amlo) presented a budget that Fitch said marked a continuation of Mexico’s existing fiscal framework.
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Emerging markets, reeling from a dreadful fourth quarter, should return to form in January, in spite of the bad conditions prevailing in the broader market.
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As central banks retreat from public markets, spreads are widening in dollars and euros, and cross-currency basis swaps are improving for international borrowers, Swiss bankers believe the good times might be returning to a market once known the world over for diversification and arbitrage.
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Hungary’s latest Panda looks, at least on paper, like a club deal rather than a genuine syndicated bond, with bankers disagreeing on how the deal might have played out in the market.
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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
