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The Republic of Iraq starts a five day roadshow on Thursday, ahead of what would be its first international bond deal in almost a decade.
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Russian fertiliser producer Eurochem signed a $750m pre-export credit facility, it was revealed on Wednesday, having been in talks with banks since the end of last year.
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With stocks on the rise again after a difficult few weeks, several issuers have come to market, bringing about a surge of new block trades and IPOs in Europe.
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Covered bond issuers have front loaded this week, printing €5.5bn in just two days via seven deals.
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Bankers had predicted a splurge of corporate bond issuance for this week, but as of Tuesday primary market activity was quiet. A pair of Spanish issuers made up the sole supply on Monday, with Iberdrola and Telefonica selling benchmark trades. They were followed on Tuesday by a benchmark from Swisscom, and a smaller trade from Finnish real estate company Citycon.
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Belgium is out with the longest dated deal from a sovereign, supranational or agency — outside the emerging markets — since February. And it is drawing a rip-roaring response which could encourage other issuers to look at the long end.
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After being reopened by the strongest of the strong, the CEEMEA market’s attention has moved to the other end of the credit spectrum with Iraq and Egypt eyeing the dollar market.
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Hong Kong Tian Yuan Manganese International Trade, which sent out invitations for a $150m loan on Monday, is understood to have now cancelled the transaction.
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Summarecon Investment Property (SIP), a unit of Indonesian property giant Summarecon Agung, is looking to raise $200m-$250m in an IPO, with banks on the trade expecting to open books in October or November.
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The Indian equity capital market has record its first large trade following the summer slowdown, with Indiabulls Housing Finance executing a qualified institutional placement (QIP) on Wednesday. While the share sale is only scheduled to officially close at the end of the week, the outcome is already a foregone conclusion with pricing fixed, books anchored and a $100m increase option taken up by the company to raise $600m.
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Asian bond issuers have finally decided to venture back into the market with a trio of investment grade names opening books to dollar deals. Export-Import Bank of China (Chexim), Shanghai Pudong Development Bank and Korea Development Bank are vying for attention in the first test of investor demand in three weeks.
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General Shopping Brasil has exercised its right to defer the payment of interest on its $150m 12% perpetual subordinated notes, meeting the expectations of credit analysts.