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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
Even as USTs stay near 5%, supply expected to pick up
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Battling a host of problems — local and global — Latin American bond markets suffered a torrid 2018. Many issuers stayed away, high yielders struggled to find financing and investors booked losses. With more volatility expected, political developments in LatAm’s three largest economies could make or break the region’s bond markets in 2019. Oliver West reports. -
A host of emerging market opportunities are set to be presented to equity investors in 2019 with Kazakhstan likely to lead the way with a number of highly anticipated listings. Sam Kerr reports.
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Frenetic bond issuance at the start of the year smashed records for volumes in CEEMEA as borrowers sought to get ahead of rising US rates. But although the US’s hiking trajectory was the main concern at the start of the year, political spice, currency crises, sanctions and bailouts all combined to beat up EM bond markets in 2018. By Francesca Young and Oliver West
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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.
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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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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
