News content
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Gazprom has mandated five banks for a euro benchmark bond with a maturity between eight and 10 years. -
The government of the Emirate of Sharjah priced its $1bn 10 year sukuk issue with no new issue premium on Tuesday — the first deal from its new MTN programme as it moves to become a more regular issuer in the international bond markets, said Tom Koczwara, director of the debt management office.
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Abu Dhabi-based Union National Bank has distributed more than 50% of its $500m five year bond outside the Middle East, bucking the recent trend for more locally distributed bonds, according to a banker on the deal.
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Even allowing for the pause in European corporate bond issuance caused by the volatility of global markets early in February, the month's primary activity proved to be meagre. But investors are hoping the signs for March are better.
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Brazilian steel producer CSN will buy back $350m of existing bonds after concluding a tender offer for its 2019s and 2020s, though some investors think the company may come back with a more lucrative offer.
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Unigel, the Brazilian commodity chemical producer, is planning a cross-border bond debut that would replace all of its existing debt, according to rating agency reports.
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Since Danish transport and logistics company AP Møller-Maersk last visited the bond market, both Standard & Poor’s and Moody’s have downgraded its ratings and put them on negative watch. However, it still managed to issue its longest maturity deal so far in euros, alongside a tender offer.
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Union National Bank has tightened price guidance on its benchmark dollar five year bond.
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The Government of the Emirate of Sharjah has launched a $1bn 10 year sukuk — the top end of the size and maturity range outlined for the deal.
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Al Ahli Bank of Kuwait is beginning a roadshow to market a dollar Reg S-only perpetual non-call five year additional tier one bond.
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China's SAIC-GMAC Automotive Finance wants to raise Rmb3bn ($473.7m) from an asset-backed securitization on Monday.
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The new issue US dollar bond market roared back to life as volatility dropped and corporates took advantage of favourable conditions with $17bn of supply coming from 19 borrowers.
