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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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DCM bankers have seen an evaporation of their Russian bond business this week reminiscent of 2014 when US and EU financial sanctions were first put in place against the country. Fears of further sanctions have meant that the whole Russian bond market is under scrutiny, and pressure. -
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Risky assets are often beholden to perceptions of geopolitical risk, though in recent times that has been a minor factor in price movements. Perhaps this dynamic is about to change.
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The South African equity market got the trade it had been waiting for this week when Steinhoff International, the embattled retail conglomerate, sold a portion of its stake in Steinhoff Africa Retail, the African subsidiary it span off last year, to raise funds to reduce its debt.
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Three new retail listings this week marked the renaissance of Turkey's IPO market. But if trying to do three similar deals simultaneously wasn't hard enough work, they come just as the country's economic prospects and the part it plays in the Syrian conflict are of growing concern for investors, writes Sam Kerr.
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Rusal bondholders are in a pickle. They have been told by the US Treasury that they have 60 days to dump the sanctioned Russian company’s bonds, but trading has halted, leaving them stuck with the debt. Investors are lost as to how to value the bonds in their portfolios and are scrambling to work out how they can legally continue to hold and mark them.
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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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