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SSA

‘Extremely busy’ August restart in store for SSA market

'Dead quiet' few weeks will benefit issuers as excess bonds need absorption before issuance starts to ‘fire on all cylinders’ from August 17
Restructuring of €316m deal from 2021 is likely

Belgium expands foreign currency funding with Aussie and Canadian MTNs

SSA issuers increase focus on PPs amid quieter period for public markets

EM bond surge in September at risk if new burst of war reignites inflation

Market is in good shape, but will not stay that way if war drags on over summer
Restructuring of €316m deal from 2021 is likely
Sub-sections
  • Paragon Banking Group is looking to issue a new debt capital instrument in green format, while at the same time offering holders of its existing tier twos a chance to exchange their bonds for cash.
  • Berlin Hyp mandated leads for a rare green Pfandbrief on Monday. The deal has emerged amid a dearth of covered bond supply so far this year and takes advantage of a recent stabilisation in yields at higher levels.
  • SRI
    Cadent Gas, the UK’s largest gas distribution network, issued its second transition bond today. The €625m bond came into a tricky market and was not as wildly oversubscribed as the first issue a year ago, but confirmed that ESG investors buy into the company’s argument that ‘green gas’ will play a role in meeting the UK’s future energy needs.
  • SRI
    Green bond issuance is set to blossom in Africa — at least, that is the hope of FSD Africa, an organisation in Kenya that has agreed to cooperate with a group of stock exchanges to foster the market in 16 of the continent's countries. Substantial deals are expected from Kenya and Malawi in the coming months.
  • CEE
    Russian Railways issued a rouble bond on Thursday. Russian companies may steer away from the dollar market as discussions around fresh sanctions on Russia continue.
  • Faltering momentum in Latin American bond issuance has put this year's unprecedented surge of green and sustainable deals on pause. But even if volatility persists, as global bond markets deal with rising US interest rates, LatAm issuers will not only maintain their focus on ESG, but they may find sustainability credentials are more valuable than ever.