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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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The Republic of Turkey nipped into the market on Monday afternoon to raise $2bn with an SEC registered bond, just days before presidential and parliamentary elections were called. While one EM investor called the issuing strategy unusual, a rival banker said it was a classic case of Turkish opportunism, adding that the higher yield paid is the reality of the market now. -
Omantel has released price guidance for its long five and 10 year dual tranche bond at a level one EM trader in London is calling “real cheap” at 100bp over the Oman sovereign curve.
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Five CEEMEA borrowers are out with initial terms for new bonds as EM capital flows remained strong despite the imposition of fresh sanctions on Russia on April 6.
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German residential property company Grand City Properties brought its third corporate bond deal of 2018 to the market on Tuesday, while the return of seed company Syngenta with a jumbo multi-tranche deal neared.
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South Africa’s FirstRand Bank issued the first Basel III compliant tier two bond from the country on Monday, as South Africa’s banks look to capitalise on improving sentiment towards the country to diversify away from a ready domestic market.
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An overnight bookbuild in Oil & Gas Development Co this week reopened the market for Pakistan equity deals, as investors clamoured for shares in the Prp5.7bn ($49.7m) offering.
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