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Emerging Markets

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◆ Intesa Sanpaolo's Slovakian arm is a frequent issuer ◆ Banker said 33bp could be through FV ◆ CEE covereds offer the widest spread, ABN wrote
Books were €700m for what had been penned as a €750m deal
◆ Predictions for Gulf issuance change shape again ◆ Investment grade firms to pick tricky path through autumn ◆ The Alphabet effect: hyperscalers hit Kangaroo market

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  • The International Monetary Fund said in the concluding statement of last week’s Article IV mission to Belize that the government needs to restructure its debts to restore public debt sustainability, leaving bondholders bracing for a fifth credit event since 2007.
  • African Export-Import Bank, the multilateral bank headquartered in Cairo, has provided a term loan to OCP Group, a Moroccan phosphate miner and fertiliser producer.
  • Volatility in global and commodity markets coupled with regulatory challenges are putting pressure on issuers and investors involved in the Sharia-compliant financing market.
  • MUFG has for the first time chosen a single leader for its banking and securities divisions in EMEA. John Winter will take the post from April 1, meaning that the most senior executive in EMEA will be non-Japanese for the first time.
  • GV Gold, the Russian gold miner, has launched an IPO on the Moscow stock exchange with sources close to the deal saying that 2021 is an opportune time for the miner to go public.
  • Fitch downgraded Mexican broadcaster TV Azteca from C to restricted default (RD) on Friday after the 30 day grace period expired on a missed coupon payment. The rating agency is forecasting recoveries for bondholders in the 31%-50% range.