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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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China Three Gorges Corp, the state-owned hydropower company, brought its first euro denominated green bond on Wednesday. The €650m seven year deal came a year after the company issued its first green bond in remnimbi. -
Vimpelcom raised $1.5bn at its holding company level on Tuesday, as it looks to complete its transition into a more streamlined, western-looking borrowing entity. Though it appears to be looking to shake off its Russian associations, investors say the risk is still the same.
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EM investors have had plenty to play for this week with a boost to Turkish GDP buoying support for Yapi Kredi, and more Russian supply. Qatar remains one to watch however, though the country’s fundamentals have not changed.
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Yapi Kredi hit screens on Wednesday with a new seven year note and will be hoping to capitalise on more positive economic indicators from Turkey, while offering some juice to overcome any investor fatigue around buying Turkish bank debt, according to a buy-side analyst.
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Metro Pacific Investments Corp raised Ps12.7bn ($256m) from a selldown in Manila Electric Co (Meralco) on Tuesday that effectively boosted, rather than cut, its stake in the latter.
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Malaysia's CIMB has increased the size of its syndicated loan to $500m from $400m, raising the additional amount as a separate facility from banks that joined as mandated lead arrangers during senior syndication.
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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
