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The bank was set to price about 25bp over fair value
The lender offered a premium of about 35bp to the top-tier UAE bank issuers
Investors in CEE corporate debt find Orlen a 'preferred asset'
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As global central banks rushed to prop up the global economy this year as the coronavirus pandemic hit, emerging markets issuers stormed into the bond markets, raising record-breaking levels of debt. A deluge of deals, including green debuts, 50 year and even century bonds, were snapped up by an investor base hungry for high — or least comparatively high — yielding assets. The GlobalCapital emerging markets editorial team selected the year’s best deals, giving consideration to the fundamentals of the trade as well as the context around the deal. After much deliberation, the winners were selected as the standout deals in unprecedented times. Congratulations to those involved.
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Investors are counting on the election of Joe Biden as the next US president to bring a calmer, more rational tone to international politics, and perhaps a boost to world trade. But the new administration will also pose specific tests for some emerging markets, as Mariam Meskin reports. -
CEEMEA borrowers — sovereigns in particular — were forced to ramp up their capital markets borrowing in the wake of the coronavirus pandemic. The elevated issuance volumes are set to stay, even though there are concerns that some emerging market borrowers will need a strong dose of debt relief amid fears about just how sustainable their borrowing levels are. Mariam Meskin reports.
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Despite funding stresses in certain Latin American countries, bond markets will continue to help the region with its financing needs. For now, this eases the pressure for reform and fiscal consolidation, but issuers must eventually face up to political and social turbulence. Oliver West reports.
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Primary bond markets in Latin America and CEEMEA finally took some rest this week after a busier than usual December, but bankers covering both regions expect emerging markets borrowers to be fast out of the blocks in January as EM credit looks continued to benefit from low rates.
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Governments and “wealthy” private creditors in advanced and emerging economies can reduce the bilateral debts owed by the world’s poorest countries without triggering an outbreak of financial contagion, David Malpass has said.
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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
