Natixis
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Bond investors appeared relieved after Brazilian steel producer Companhia Siderúrgica Nacional (CSN) raised $1bn of new bonds to refinance debt maturing in the next year.
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Spain’s Abertis Infraestructuras has shifted the obligations of around €9.97bn of loans to itself from its holding company, with the toll roads group immediately paying down a sizeable portion of the debt. -
Brazilian steel producer Companhia Siderúrgica Nacional (CSN) is hitting the road ahead of a proposed new issue, just a month after investors told GlobalCapital that an impressive rally in the company’s debt made it a strong candidate to tap bond markets.
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Sovereign, supranational and agency (SSA) issuers burst into the second quarter with a scorching week that saw plenty of big books and minimal or negative premiums.
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The Arab Republic of Egypt on Thursday printed a €2bn dual tranche euro deal with a massive negative new issue premium of 22bp on the longer bond — one of the largest ever negative concessions on an EM issue. The deal takes Standard Chartered to the top of Dealogic’s league table of CEEMEA bonds, though it is a title to be only briefly held as the Saudi Aramco jumbo bond is expected next week, which other banks are arranging.
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A French agency and a Belgian sub-sovereign are preparing to issue their first bonds.
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The Arab Republic of Egypt has released initial price guidance for its dual tranche euro bond at levels that two lead managers said were around 40bp back of its curve.
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Public sector borrowers were able to achieve zero or negative new issue premiums and close books early in the euro market on Tuesday as investors piled into haven assets amid a weaker outlook for global growth.
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The Slovak Republic kick-started its 2019 international bond issuance on Tuesday, printing a €1bn 11 year, drawing a book of over €5bn. It paid a “minimal” new issue concession, according to lead managers.
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Singapore agricultural commodity company Olam International and its wholly owned subsidiary Olam Treasury have raised the firm's first loan where its funding costs are linked to the digitisation of the company.
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Eager demand for hybrid capital issues, amid an environment of low rates, was on show again on Monday, when LafargeHolcim issued its first big deal of this kind. The pricing was tightened by an exceptional amount during the bookbuild — 69bp.
