News content
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The Republic of Ghana is heading off on a roadshow for 10 and 30 year bonds, with a tender offer for its existing 2022s and 2023s attached to the transaction.
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The Islamic Development Bank has set the roadshow schedule for its euro benchmark.
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Investment grade corporate market participants are all aware that the European Central Bank’s bond buying programme will come to an end in 2018. The pace of that buying slowed in April, but the cash that investors are holding is proving to be an easy replacement for the central bank’s support.
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Hungarian fertiliser company Nitrogénművek has completed a roadshow ahead of an expected €200m seven year non-call three Reg S/144A bond. It is expecting to price the deal “as early as tomorrow [Thursday]”.
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The JP Morgan Emerging Markets Bond Index is at its widest since 2016 and the Rusal problem for bondholders persists, but the CEEMEA bond market continues churning out deals.
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DTE Electric Co has become the newest member in the slowly growing club of investment grade US electric utility companies that have issued bonds explicitly marketed or certified as “green”.
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The investment grade corporate bond market in the US finished April on a high, with more than $8bn of issuance on Monday. Issuers wanted to get the deals done before the US Federal Reserve met on Tuesday and it was a European issuers that led the way.
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With May on the doorstep, investment grade corporate bond market participants will see maintaining already low issuance levels as a success in the coming weeks.
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Three CEE new issues are in the works: Bulgarian Energo Pro is hoping to print its bond as soon as Friday, Hungarian fertiliser company Nitrogénművek is looking to issue €200m with a new euro seven year non-call three bond, and Wizz Air has received its first ever credit rating, a likely precursor to a bond issue.
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The Development Bank of Kazakhstan was set to price its tenge denominated Eurobond on Thursday evening in London from a book that was at the last update approaching Kt140bn.
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Energo Pro, a hydro power plant operator and electricity distributor in Bulgaria, Georgia and Turkey, finished its roadshow in Wednesday and is planning to bring a euro-denominated bond as early as Friday.
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The Development Bank of Kazakhstan (DBK) has released price guidance for its second tenge Eurobond in five months.