News content
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Two Turkish bond deals this week were seen as a welcome treat for investors starved of recent supply from the country, and more is still in the pipeline.
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Porsche AG has grown its Schuldschein from the launch size of €200m to €1.1bn, in another big deal for the private debt market.
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Petroceltic, the Irish oil and gas exploration firm, has told shareholders that the company's future rests on the willingness of its lenders to continue to offer waivers on loan repayments.
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The Monetary Authority of Singapore (MAS) has flagged up issues about banks’ credit underwriting practices, including cases of covenant waivers and one off-credit exceptions given to borrowers. But while the central banks’ concerns are valid, bankers reckon lenders are being more than careful about their syndications business. Shruti Chaturvedi reports.
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Even rival bankers are lavishing praise on the $1.5bn long 10 year bond Turkey sold on Wednesday, which drew a $4.47bn book and needed only a 10bp-15bp new issue premium to print.
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Montenegro has released initial price thoughts for a five year euro denominated bond at 6% area, offering around a 50bp new issue premium, according to a banker away from the deal.
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Malaysia-listed WCT Holdings is looking to spin off its property into a real estate investment trust and list its construction arm, with both IPOs likely to come to the market next year.
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Malaysian telecommunications company Axiata Group has mandated three banks for a quick return to the Islamic bond market.
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The Islamic Development Bank (IsDB) printed on Thursday morning its $1.5bn five year sukuk “well inside” its own curve, according to a syndicate banker on the deal. The profit rate was lower than its last outing despite the spread being much wider.
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Standard Bank Kenya (Stanbic CfC) is paying around 45bp more for its latest loan than when it last issued, less than a year ago.
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Chinese e-commerce giant Alibaba Group is said to be in advanced talks with banks for a borrowing of around $4bn.
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Sharjah Islamic Bank (SIB) will pay a margin of 165bp for its $200m murabaha loan, which should launch syndication early next week, according to a banker on the deal.