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  • Two Gulf bank issuers — Qatar National Bank and Gulf International Bank — hit bond markets on Tuesday to raise dollar funds, following what has been a busy period for Middle Eastern issuers. With investor appetite remains ravenous and market conditions healthy, there is scope for further issuance.
  • Ming Yuan Cloud Group Holdings, a Chinese property sector-focused software company, has kicked off its Hong Kong IPO worth up to HK$6.2bn ($796.3m).
  • Singapore’s agribusiness company Wilmar International as well as Hong Kong conglomerate Swire Pacific have both raised sustainability-linked loans.
  • Seven months after it visited European investors to market the idea, Mexico sold the first sovereign bond explicitly aligned to the United Nations’ Sustainable Development Goals (SDG) on Monday, saying it was the first step on the way to building an external yield curve of sustainable bonds.
  • Mexican cement producer Cemex sold its second dollar bond in three months on Monday, fetching lower pricing at a longer maturity than on its June outing as observers saw a slim new issue concession amid what one analyst called recent “insatiable” demand for the credit.
  • Brazilian food company BRF is planning a new dollar bond to finance a buy-back of euro and dollar notes maturing between 2022 and 2026 as investors say the protein sector’s strong performance this year means conditions are ideal for liability management trades.
  • BBVA’s Mexican subsidiary BBVA Bancomer is looking for its first international bond in a year after mandating banks to lead a senior unsecured deal.
  • Latin American development bank Corporación Andina de Fomento (CAF) set pricing on Tuesday for a five-year dollar bond, having already gathered enough indications of interest overnight on Monday to cover what had been announced as a $500m deal.
  • The Dominican Republic will begin virtual meetings with fixed income investors on Tuesday as it contemplates issuing in both dollars and pesos.
  • Faced with a difficult leveraged loan market and volatility in CLO debt spreads, managers through the Covid crisis have often shortened the duration or split their warehouses to deal with the stress brought on by the pandemic, according to a study from Maples Group.
  • ABS
    The private student loan ABS sector exceeded 2019 issuance volume last week, with the addition of SoFi’s fourth transaction, as more borrowers rush to refinance their student loans while rates remain at historic lows.
  • More European banks may see benefits to merging with each other as the coronavirus crisis damages profitability and the European Central Bank appears more positive on tie-ups. However, cross-border M&A is likely to remain difficult to execute.