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Bonds of energy importers have sold off, but investors convinced fundamentals are still strong
Issuers struggle over what concessions investors will require
The break in primary maret activity has now lasted longer than the one that followed the 'liberation day' US tariff announcement last April
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Senegal and Cameroon mandated banks this week to bring them back to the debt capital markets. Despite wide uncertainty about African sovereign debt restructuring, market participants said credit conditions were conducive to issuance. -
The Shanghai Stock Exchange scrapped a record 26 corporate ABS deal applications this week. They included Rmb18bn ($2.82bn) of deals from Ant Group’s two consumer lending units — seven months after the company’s landmark IPO was suspended. Addison Gong reports.
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Silicon wafer maker GlobalWafers raised $1bn this week from its debut in the equity-linked market, selling the largest convertible bond from a Taiwanese issuer in more than a decade.
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Thailand’s Charoen Pokphand Group, which tapped the loan market for a $7.2bn bridge loan last year to acquire retail giant Tesco’s Asia business, is now seeking covenant waivers on the fundraising. The move — which bankers say is triggered in part by CP’s plan to offload some of its newly-gained stake in Tesco — has hurt lenders’ confidence in the Thai conglomerate and raised questions around its strategy. Pan Yue reports.
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The Dominican Republic is likely to return to bond markets shortly with a local currency deal, after launching a tender offer for old bonds that is contingent on a new issue. Citi and JP Morgan are managing the liability management exercise — their fourth consecutive mandate with the Caribbean sovereign.
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Aija Zitcere, director in the financial markets policy department of the Latvian Finance Ministry and her colleague, Imants Tiesnieks, a senior expert in the same department, discuss the main features of Latvia’s covered bond law, which was approved by its Parliament on Wednesday.
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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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