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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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Egypt’s Banque Misr is looking to raise dollar funding from the loan market, according to lenders, continuing the trend of financial institutions in the country raising international bank debt. -
South Africa had to contend with an unexpected widening in US Treasuries when marketing its new deal on Tuesday. The resulting sell-off in both South Africa’s curve and the rand meant that the issuer was not able to tighten pricing as much as had been anticipated, and the deal was smaller overall.
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The China arm of HSBC visited the Chinese debt market this week and took home Rmb3bn ($472.5m). The issuer cashed in on its name recognition in Mainland China, and sealed the deal despite cautious sentiment among onshore investors.
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Turkey sent shockwaves through parts of the financial markets this week, with the lira plunging to the lowest it has ever been against the dollar following comments from president Recep Tayyip Erdoğan about increased political sway over the central bank. The struggle of the lira and other EM currencies is weighing heavily on the capital markets.
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Avic International Holding Corp has raised $400m to address an upcoming bond maturity, finding enough support for a twice covered transaction. But the pricing reflected some weakness in the lower end of the Chinese investment grade curve.
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China’s Goodbaby International Holdings, a developer of parenting products, is debuting in the offshore loan market with a $250m borrowing.
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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
