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A double digit premium to the dollar curve lured in overseas buyers, who took a 'large chunk' of the bonds
Investors have lots of cash and are eager for new issuance
Investors are keen for new bonds and better rated borrowers may not want to issue in numbers
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Turkey’s Isbank has signed a $1.48bn-equivalent syndicated loan in line with the existing pricing benchmark for its compatriot peers, again showing that rating downgrades have little effect on loan borrowing rates for the country’s banking sector. -
Morocco has landed a €200m loan from the African Development Bank that will go towards the country’s agriculture industry, a sector that Standard & Poor’s recently said was part of the reason the sovereign’s credit rating remains “constrained”.
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Mexican state owned oil company Pemex (Petróleos Mexicanos) raised €3.15bn ($3.722bn) across four tranches on Wednesday to provide some relief to a bruised and battered Lat Am bond market.
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First Abu Dhabi Bank hit the Taiwanese market for a Rmb1.1bn ($172.69m) bond on Wednesday, just two months after its last Formosa deal.
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Chao Li has resigned from his position as head of Asia bond syndicate at Standard Chartered.
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Pemex’s annual European outing on Wednesday came as a pleasant surprise to many Lat Am bond bankers, showing Lat Am issuers still have significant pulling power. But the euro market is unlikely to pull more borrowers from the region, even as dollar funding costs rocket.
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CAF gearing up to transform regional development
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