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◆ Gulf private placements bite back ◆ Bond new issue premiums rise ◆ CLOs catch a break
Business has sagged in the third quarter, but the pipeline is busy, despite an intractable war
Private bonds are now being offered in the open market wider than where public deals trade
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Waberer’s International, the Hungarian haulage firm, launched a Huf73.7bn (€238m) IPO on the Budapest Stock Exchange on Monday, offering shares at a chunky discount to its US peers. -
Raiffeisen Bank International (RBI) began gauging investor interest for the IPO of its Polish unit on Monday, via Citigroup and its own investment bank as leads.
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Cyprus, entering an otherwise quiet market, has picked banks for a seven year euro benchmark to be sold on Tuesday.
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Etisalat Nigeria is in the “advanced stage” of its negotiations with 13 local banks over the restructuring of a $1.2bn loan taken out in 2013, according to the company.
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Nigeria is offering around a 30bp premium at price talk for its first diaspora bond as deal watchers asked whether it will really be able to attract $300m of retail investment.
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Russia has returned with another sole VTB led deal, its first foray into the international markets this year. Some market participants had expected US or European banks to be on the mandate, following a stronger year for Russian borrowers in the international bond markets despite sanctions still firmly in place.
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Sponsored by CAF – Development Bank of Latin America and the Caribbean
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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
