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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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Three Chinese corporate borrowers raised a combined $757m from the offshore bond market on Wednesday. -
Bonds issued by Mexican payroll lender AlphaCredit lost around half their value on Wednesday after the company revealed a correction in its accounting of derivatives positions would lead to an impairment charge of Ps4.1bn ($206m). Investors and analysts said this would take the non-bank lender’s equity into negative territory, suggesting default was a growing inevitability.
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Brazilian cosmetics group Natura on Wednesday became the third Latin America company this week to announce plans to issue sustainability-linked bonds, joining Mexicans Femsa and Metalsa in the pipeline.
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Citi has named Alex Schrantz as head of banking, capital markets and advisory (BCMA) for Hong Kong.
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Kuwait’s Equate Petrochemicals and Abu Dhabi’s Taqa issued bonds this week, and bankers say issuance volumes are set to pick up further.
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Latin American oil and gas company GeoPark priced a reopening of its 2027 bonds with a negative new issue concession on Tuesday, taking advantage of strong demand from holders of its old notes to raise $150m.
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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
