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◆ 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
Private bonds are now being offered in the open market wider than where public deals trade
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Emerging market loans bankers at European banks are finding it increasingly hard to compete on pricing, with borrowers claiming to be able to take out dollar loans with US and Asian banks well below the level others are able to offer. Mike Turner reports on a market where banks are doing whatever they can to snap up scarce supply of lending business. -
Turkey’s Garanti bank has sold its first ever social bond, a $75m private placement. The International Finance Corporation purchased the bond as part of its Banking on Women Programme.
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Despite receiving one of the largest IMF bail-out packages in history, Lat Am bankers are sanguine on the outlook for Argentine DCM activity this year. They say this is as much to do with the broader weakness in emerging markets as it is to do with Argentina’s economic recovery.
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Increased hostility towards Russia from the UK political establishment is severing the financial links between the two countries. The arguments between Russia and the West are freezing the former’s equity capital markets, which depend on UK and US investors, and is, according to some sources, driving Russians to repatriate capital. In the long-run, it could even be detrimental to the UK’s capital markets industry, write Sam Kerr and Francesca Young.
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Two issuers from the CEEMEA region — Bulgarian Energy Holding and Ecobank Transnational Inc — have mandated banks for new bonds and are embarking on roadshows, breaking the wait-and-see mode that the market had slipped into over the last week.
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The Export-Import Bank of Korea returned to the Swiss franc bond market on Thursday, capitalising on an arbitrage window against its dollar curve.
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