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EM LatAm

WOM bats away Chile unrest for divi debut

Chilean mobile phone operator WOM approached bond markets for the first time on Thursday seeking $450m of senior unsecured notes to refinance its existing capital structure and complete a dividend recap.

Oliver West, November 21, 2019
EM LatAm

Andrade Gutierrez seeks exchange after pulling tender

Two days after canceling a tender offer it had planned to finance with a private placement (PP), Brazilian engineering and construction firm Andrade Gutierrez has launched an exchange offer seeking a similar result.

Oliver West, November 21, 2019
EM LatAm

Flight to quality helps Peru to tightest ever yields

It is less than two months since one of the most serious constitutional crises in Peru’s history, yet on Thursday the sovereign sold Sl10bn ($2.96bn) of new local currency debt at record low yields.

Oliver West, November 21, 2019
SRI

Climate emergency: all hands to the pump

Axa’s proposal this week that the European Union should create a €500bn joint borrowing vehicle for climate change could easily be dismissed as pie in the sky. So it is, for now.

Jon Hay, November 21, 2019
Africa

Republic of Angola, USD1.75bn 8% Nov 29, USD1.25bn 9.125% Nov 49

Rating: B3/B-/B

Ross Lancaster, November 21, 2019
SRI

‘New ESM’ for climate could help euro bond market, Axa argues

Green finance specialists gave a cautious welcome this week to an idea put forward by Axa that the European Union should set up a new organ, modelled on the European Stability Mechanism, to borrow about €500bn for investments to fight climate change. Jon Hay and Burhan Khadbai report.

Burhan Khadbai, November 21, 2019
Asia

Ardshinbank postpones deal after roadshow

Armenian bank Ardshinbank has postponed a RegS/144A five year dollar loan participation note after a week on the road.

Ross Lancaster, November 21, 2019
Covered Bonds

Pfandbriefzentrale chalks up a 2019 record

Pfandbriefzentrale issued its largest ever bond this week, a Sfr1.386bn ($1.398bn) triple-tranche deal that included a Sfr980m 12 year tranche that was itself the largest single issue in the Swiss franc bond market this year.

GlobalCapital, November 21, 2019
Derivatives

US firms divvy up swaps business in attempt to please banks

In an effort to please their bankers, US corporate treasurers have increasingly been using a mechanism called a risk participation agreement (RPA) as a way to divvy up swaps business to more parties, writes Ross Lancaster.

Ross Lancaster, November 21, 2019
Regulation

Momentum grows for MiFID change to help SMEs

When the European Commission looks at tweaking MiFID II, those worried about market access for small and mid-sized companies would welcome a loosening of rules on research for those firms, at a time of challenges in investment banking and renewed focus on capital markets union.

Jasper Cox, November 21, 2019
Africa

Morocco rides QE to reap rewards of tight euro market

The Kingdom of Morocco achieved savage price traction on its €1bn 12 year trade on Thursday, bringing in the yield on the trade by 40bp, to 1.6% and extending its curve.

Ross Lancaster, November 21, 2019
Regulation

ECB suggests equity better than debt for green

While the banking sector has pushed for capital requirements to be tweaked to favour green lending, European Central Bank vice president Luis de Guindos said on Thursday that equity funding might prove more appropriate than this for funding new climate technologies. On the same day, the head of supervision at the ECB said capital relief for green assets must be based on evidence.

Jasper Cox, November 21, 2019

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