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ReNew Power Ventures has become the second Indian corporate to issue a green bond, coming close on the heels of the maiden deal from the country. With a credit enhanced structure, the company was able to enjoy a substantial pricing benefit.
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Korea National Oil Corp (KNOC) has made a successful return to the dollar bond market, with the recent sovereign credit rating upgrade allowing the borrower to enjoy a strong investor reception. Not only was it able to raise more than planned, but KNOC also priced the new bond inside its existing curve.
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An accommodative US Federal Reserve and a win for Syriza in the Greek general election have failed to open up the euro FIG market this week, with dollars still the market of choice for sizeable trades.
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Philippines’ Rizal Commercial Banking Corp (RCBC) has signed a larger $280m loan with 18 lenders on board.
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Bankers hoping for a stronger CEEMEA market this week were disappointed to see the first borrower out of the gates stumble. A decent pipeline means there will be plenty of chances to prove investor appetite, although a fresh bout of volatility is not making things any easier.
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The Republic of the Fiji Islands has sealed a new $200m bond, navigating choppy conditions and winning over investors after a four year hiatus from the offshore debt market. An extensive roadshow helped drum up support, allowing the sovereign to meet its size and price targets.
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A $145m loan backing the Blackstone Group’s acquisition of the Indian business process outsourcing (BPO) operations of the Serco Group is likely to launch this week.
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Weichai Power has opened books for its debut offering which will also be the first under new Chinese rules for offshore bond issuance that were released last week.
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Brazilian low-cost airline Gol Linhas Aereas Inteligentes is considering becoming the second Latin American company to issue EETCs (enhanced equipment trust certificates), a type of secured bond that has become fashionable among airline borrowers.
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A torrid day in global markets stopped the Latin American issuers in their stride on Tuesday, with all bonds suffering in secondary markets and Wednesday unlikely to see any more deals given the Jewish holiday of Yom Kippur.
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Ashok Leyland is seeking to list its commercial vehicles financing arm, Hinduja Leyland Finance, in an IPO expected to raise around $100m, according to sources close to the transaction.
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Trading of derivatives on the Moscow Exchange was halted for two hours this week after systems failed.