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Meanwhile, LatAm sovereign announces mandate for a multi-tranche deal that could come next week
Sovereign closed 'remarkable' deal despite US Treasury pricing drama
Big, volatile week in EM raises questions around fair values
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Export-Import Bank of Korea (Kexim) is planning a return to the dollar bond market in the first half of this year, but the policy bank has reduced its overall funding target. It also went to the Swiss franc market this week. -
Three new issues from the CEEMEA market this week marked the end of the heyday of easy money for emerging market bonds, as EM bond fund outflows were on track to hit their highest level since those prompted by the election of US president Donald Trump in 2016. Francesca Young reports.
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Emerging market investors were optimistic after Cyril Ramaphosa was voted in as president of South Africa on Thursday, following the long awaited resignation of Jacob Zuma, though the administration has its work cut out to revive the country’s anaemic economy.
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United Overseas Bank has mandated joint leads for a covered bond roadshow in the UK with a view to potentially issuing its sterling debut. Singapore peer DBS Bank undertook a roadshow in the UK two years ago but did not follow up with a deal.
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The Federal Republic of Nigeria has released price guidance for its dual tranche bond that rival syndicate bankers and investors are calling “exceptionally” cheap.
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Kenya will have its work cut out to reassure investors after Moody’s cut its credit rating by a notch on Tuesday. Rival bankers said the clash is poor planning, but the leads on Kenya’s upcoming roadshow said investors should be doing their own credit work, reopening the debate about the relevance of ratings agencies in emerging markets.
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