MUFG

Commodities company Mercuria has returned for its annual outing to the syndicated loan market, and is seeking $1bn from a four-tranche borrowing.

Abu Dhabi printed a huge $10bn bond on Monday with no roadshow and a 30 year tranche that was 20bp tighter in spread than its last bond of the same maturity printed in 2017. But though the deal seems to have been triumphant for Abu Dhabi, the notes were around 2bp wider on Wednesday and investors are fretting that large EM supply is causing some indigestion in the market.

Bankers brought a flood of Middle East bond supply to market on Tuesday, with four separate issuers — the Kingdom of Bahrain, DP World, National Bank of Fujairah and Islamic Development Bank — all announcing guidance for deals. The notes follow an already heavy week of supply from the Gulf, with Abu Dhabi having printed a $10bn triple trancher on the same day.

The Emirate of Abu Dhabi ended a two year absence from capital markets on Monday with a triple trancher, mirroring the tenors it used in its last trip to the market in 2017.

China National Chemical Corp (ChemChina) is seeking lenders’ consent to amend terms of a $5.5bn dual-tranche loan sealed last year, as it undergoes a debt restructuring, according to bankers.

African Export-Import Bank has mandated banks for a Reg S/144A dollar five to 10 year bond with a deal that could be twice as long as its last outing. It well test investor appetite for the deal next week.

Freeport Indonesia, a mining company that was acquired by Asahan Aluminium (Inalum) last year, is in talks with 10 banks for a $3bn term loan for its capital expenditure.

Korea Development Bank moved to place the largest Korean Kangaroo earlier this week, a note that was also priced more tightly than any other Korean-issued Aussie dollar deal.

Indonesia’s state-owned oil and natural gas company Pertamina has raised a $1.85bn project loan from a group of 12 banks.

The Republic of the Philippines took advantage of Japanese investors’ hunger for yield with a tightly priced four-tranche ¥92bn ($863.4m) Samurai bond.

The Philippines’ Aboitiz Power Corp has found support from a group of 22 banks for a $300m loan that will finance its acquisition of AC Energy’s thermal power company.

Renaissance Capital has hired Funeka Beja-Maseko as a retail analyst at director level, and Andrew Nkumbula as a vice-president for investment banking. Both are based in Johannesburg, South Africa.