The platter laid out for investors is a mixed one — corporates dominate it such as Nepi, Yasar Holdings, JSW, Mubadala GE, the DIFC, Global Ports, Afreximbank, Israel Electric and Evraz North America, but banks such as First Rand are marketing too. The sovereigns have been absent apart from Slovenia, which pre-funded some of its 2015 need with a seven year on Tuesday. But the type of sovereign issuer that typically funds at this point of the year is typically more sophisticated and often does not need a roadshow.
In Latin America, Chilean issuers have been responsible for new issuance surging ahead after the volatility of mid-October. State-owned copper miner Codelco — a principal driver of the country's growth — brushed aside fears about its rising leverage to become the latest company from the country to clinch a single figure new issue premium. Codelco opted for 30 year paper for its latest financing instalment for its ambitious capex plan, which bankers on the deal said showed investors were comfortable buying duration ahead of the FOMC's meeting on Wednesday.
Panamá's Global Bank, issuing its first dollar-denominated unsecured bond, and Peruvian cement company Unacem, tapping international markets for the first time, showed the market is wide open even for crossover and sub-investment grade companies with well oversubscribed bond issues on Tuesday.
In syndicated loans, progress continues on Promsvyazbank’s attempt to sign a one year deal with international banks. The Russian private bank is said to be closing in on an agreement for as much as $200m – less than the $300m one year loan it got last year, but more than some officials expected. The borrower and lenders are this week submitting comments on the deal’s draft documents, with a likely focus on sanctions and new introductions made by parties to reflect the political backdrop.
Loans business remains busy in Africa, meanwhile, with Nigeria’s First City Monument Bank saying it has agreed $300m of loans to fund projects in telecommunications, power and infrastructure. This comes as CfC Stanbic in Kenya signed a $160m two year debut loan facility and the Ethiopian government said it has picked Credit Suisse as the co-coordinating commercial facility arranger and export credit agency facility lead arranger for an $865m financing package to develop railway infrastructure in the country.
Francesca Young +44207 779 7313
Steve Gilmore +44207 779 7298
Dan Alderson +44207 779 7311
TOP EMERGING MARKET STORIES
Bloomberg bans Russian sanctioned securities from database
Investors eager to re-engage as DIFC plans second sukuk