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Structure and banks changed in bid for success this time around
Other CEE banks have drawn big demand for bonds this month
The bank is tendering for a tier two bond it did not call two years ago
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Lower interest rates could fuel corporate capex plans and stimulate M&A -
'Resurrection' may not come till after US election
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◆ Illiquid secondary levels make determining fair value tricky ◆ No impact from UniCredit-Commerzbank merger rumours
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Eastern European sovereign continues its diversification drive
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Rump placement was 814% oversubscribed, Almarai shares to be distributed
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Banker says ‘all the big investors are still there’
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◆ UniCredit-Commerzbank news unlikely to have an impact ◆ Fair value thoughts revealed ◆ Deal to be priced on Wednesday
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OQEP to be largest listing in Middle East this year, largest ever in Oman
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Last of privatised Saudi milling companies announces price range and start of institutional bookbuild
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A distorted curve makes judging fair value at this tenor difficult
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ING's Turkish arm is also planning a debut deal in a small size
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Investment grade Shell-Cosan JV in Brazil reprices curve tighter after 3bp NIP
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First look at what figure a combined Uni-Commerz would cut in investment banking
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Investors want to lock in high coupons, though still prefer the top ranks of the sub-IG universe
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Deal represents new way for government to use private capital for public policy objectives
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Burst of ECM action in South Africa and Poland
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Deal will be the Qatari bank’s first Swiss franc bond in four years
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High yield corporate bond issues in CEEMEA, outside Turkey, are hard to come by
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Vukile Property Fund raises primary capital to buy Portuguese shopping malls, block trades expected to dominate South African ECM
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No sign of Polish risk fatigue as bank’s combined books hit €5.8bn
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Sukuk has a novel call option to enable the Dubai real estate firm to refinance in 2026
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Trade is the first sukuk from a Gulf bank since early summer
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US oil company gains following from traditional EM buyers and US high yield investors
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Dollar paper continues to flow during September spree
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BGK to sell its third dual tranche euro deal of the year
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Mexican hotel project Murano surprised some by getting hairy deal over the line at last despite lack of track record
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Capital markets may be about numbers but more than that, they’re about people. When you’re pitching clients remember that, and also what Aristotle said about logos, ethos and pathos — but forget the hubris
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Bank capital issuance spree set to run as investors lap up even lower credits
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Few issuers had to pay any new issue premium this week
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Demand came from a diverse group of investors, said one lead
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Demand peaked at nearly $15bn for a $4bn trade
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Deals cross the finish line amid slow bookbuilding and sluggish aftermarket performance
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The spread CEE banks are offering versus the eurozone periphery issuers is attracting investors
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Supranational issuer finds rousing reception in dollar market while other SSAs struggled in euros
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New issues this week have been priced impressively but some warn underlying conditions are not as robust as advertised
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◆ Bank markets NC5 and NC10 dual trancher with a flat curve ◆ Deal follows another long dated dollar AT1 from BNP Paribas ◆ More EM dollar AT1s in the pipe
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Turkish issuers continue to pay little or no new issue premiums
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Lender is the only Gulf bank printing senior paper this week
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A fresh trade from Saudi Arabia's sovereign wealth fund beat expectations on Tuesday
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BBVA Mexico increases size of senior deal after taking biggest oversubscription of the day
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Oversubscriptions are hefty and pricing tight as pace of restarted issuance surprises bankers
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Equity capital markets agreement has worked well for CA in Europe
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YPF, Eletrobras among big names lining up as LatAm primary market shakes off shackles
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◆ BNP Paribas reopens most subordinated issuance in dollars ◆ Bank of Ireland goes for eyewateringly tight new deal and tender ◆ Alpha Bank tightens 50bp
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Rare tier two bonds and an additional tier one will price this week
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Bankers were not surprised at an AT1 appearing so early in September
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Saudi Arabia's sovereign wealth fund is printing its second sukuk of the year
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IPOs keep coming in Turkey with shipbuilder and olive bottler
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Bank bonds from CEE are in high demand
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The airline's low costs give it a big advantage over rivals, said analysts
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Hungary has been borrowing in the yen market for 40 years
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◆ Slovenia debut emblematic of issuers tapping Japanese market despite carry trade chaos ◆ Being all things to all investors in the covered bond market ◆ Corporate issuers keep it short and sweet
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Supply from the Gulf Co-operation Council is going to be heavy over the next few weeks
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Borrower finds flexibility and investor diversification at no added cost
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NMDC Energy's $877m IPO leads bulging pipeline in Gulf, but Europe stays 'hard to read'
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Hopes that Middle Eastern companies would become active in global M&A have yet to materialise as volumes stay depressed
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A pipeline of sovereigns looking for yen bonds awaits
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Fernanda Guardado hired after Gustavo Arruda left for Mastercard
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The two southeast Asian credits joined a host of other dollar issuers keen to get ahead of the September rush
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Demand for Czech electricity company’s latest deal is lower than when it issued in June
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The vast majority of issuance from Kuwait is from banks, making this a rare opportunity for buyers
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Lower demand for a longer tranche was a reflection of market conditions, said one banker
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The bank has reduced the spread by more than nearly any other CEE bank in the last 18 months
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New bond will be the electricity company's second SLB in three months
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Orders for dollar tranche were more than $4bn, euro orders even higher
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Loans to strong credits in the Middle East are in high demand, banker says
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US election volatility means issuance may be more front-loaded than ever
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More than 12 regional and global banks joined the facility as Middle Eastern companies find M&A appetite
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Other CEE sovereigns have secured arbitrage by printing in dollars
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The yen market has had a rocky month after the Bank of Japan raised interest rates
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Domestic investors dominate shorter tranches, foreigners support longer bonds as Mexico hits size target
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◆ Why benchmark issuance has resumed earlier than usual ◆ What lies ahead for capital markets ◆ African issuers switch out of loans to bonds
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South African mining firm raised €500m through triple tranche green loan to fund Finnish lithium project
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Optimism on rates leads bankers to expect corporates and banks will return to bonds
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A rally in US Treasuries over the summer will be attractive to EM issuers
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Central American supra has cut interest rates on loans to its members as it has gradually reduced its own cost of funding
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Ghanaian cocoa firm has raised a syndicated loan every year for 30 years
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The country caught investors by surprise with a statement about principal haircuts
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The market disagrees with Ethiopia's restructuring plan and how it communicates it
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CIH Bank’s share price has risen throughout the five-week subscription period on non-underwritten deal
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Continuing war means Israel will pay higher premiums in 2025, warned one fund manager
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Volumes may be back to normal, but they're the only bit of the asset class that is
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Homogeneous CEEMEA issuance 'horrible' for some while others are hopeful
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ESG presents a huge challenge to Asian issuers, but sustainability-linked bonds are primed to take a bigger role
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Countries in the region are branching out from the euro market after years of low rates at home
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Domestic investors have kept Turkey's IPO market alive in a quiet August for global ECM
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Investors do not expect the sovereign will come to the Eurobond market any time soon
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CEE trade could include the first social Samurai from any sovereign
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When markets fall out of bed, the best investment bankers still look like they sleep easy
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South African private equity owner of Virgin Active and New Look gives itself flexibility to wait for right time to exit its portfolio assets in sell-downs and IPOs
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West African development bank has sold two private hybrid bonds and is planning a public deal
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◆ Issuers and investors look for clues after violent price swings ◆ Which borrowers will lead autumn deal spree ◆ How pricing has shifted in primary market
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Volatility this week will not deter market reopening but may impair an already ‘thin and fragile’ IPO pipeline
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Some borrowers may accelerate bond plans, while others may have to hold fire
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The government has scraped together enough funding to get by, but some analysts still see chance of ‘messy’ crisis
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Seven IPOs expected in Middle East from September while South African issuance to be more gradual
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Earnings have been ‘mixed’ but investors expect supply to keep coming
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Almost a third of Peruvian miner’s bondholders pledged to support deal to clear short-term debt
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Observers had tipped the pair to issue Eurobonds this year, but yields are too high
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Oversubscribed sale bodes well for the retail group's IPO of Boxer, seeking to raise R6bn-R8bn by end of the year
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US Treasury yields slumped following Friday's lower than expected US jobs numbers
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◆ First eurozone government sells bond on distributed ledger ◆ The rate cutting wheel turns faster
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Sovereign's first hard currency bond sale in three years won enthusiastic reception
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Bigger, more frequent issuance predicted to follow CEE issuer's inaugural deal
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The market has expected a new bond from Nigeria all year, but yields are high
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FIG issuers lead the way offshore, but attractive domestic debt markets to keep dollar volumes contained
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Any hawkish tilt from the Fed could prompt volatility
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China is a major creditor, but observers hope that may not be as big a problem as elsewhere
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Total for first half is more than all of 2023 inflows
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Orders exceed $5.5bn for sovereign’s dual tranche deal, while Chile plots social bonds
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To insist that bankers only pursue jumbo deals is akin to asking traders to only buy stocks that go up
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Distributed ledger bonds claimed to speed up bond issuance and make it cheaper
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Steel company won rating upgrade at the end of last week
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Investors sceptical on likelihood of political change despite promising polls but some see chance of normalisation — whatever the result
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◆ Ukraine restructures $20bn of bonds ◆ Excitement in digital bonds ◆ Is UK water going down the plughole?
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When and how Ukraine will regain this market access is highly uncertain
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Higher economic growth does not automatically mean sovereigns can pay more on their debt
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◆ New legislation will drive supply ◆ Covered bonds become a crucial part of Polish funding mix ◆ Up to €1bn of fresh paper expected this year
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Saudi tipped to be a hot spot for loans in the fourth quarter
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The government has been stung by uncapped payments to warrant holders
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Innovation, strong execution and supply dearth benefit Indian issuers
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Chilean state-owned oil name offers no concession as Murano, ATP line up for Thursday
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Investors dislike the lower transparency and liquidity inherent in private placements
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Deal brought to market with zero NIP after 'continual demand'
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African sovereign is an infrequent visitor to the international bond market
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Volumes in the region returned to pandemic levels this month
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Low cost of funding and consistency in Turkey win ENBD fans
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State-owned oil and gas company is looking to repurchase bonds maturing in 2026 and 2031
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Despite the end of a debt standstill looming, talks in June failed to reach a deal
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◆ UN circles banks on circular economy ◆ Topping out on Turkey ◆ CLOs: summer recess or summer resets?
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Borrowers sold nearly $7bn of new bonds just this week, but next week will be much quieter
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Gas pipeline operator's bond market return was over three times oversubscribed as investors shook off previous sensitivities on price
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Issuance volumes dwarf any previous year-to-date figure on record
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Deal marks 'significant evolution' of the UK’s Islamic finance market but regulatory improvements are required
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Gas pipeline operator has typically traded 70bp inside Telecom Argentina, which issued last week
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The company's capex plans are a concern, said one investor
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More than $9.2bn of orders dispels any myth of Saudi fatigue among investors
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Investors predict more social bonds from the region, though one DCM banker says none in pipeline
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Tight pricing for Korean bank thanks to strong demand for floating rate notes
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The Uzbek bank will raise $400m to fund a tender for bonds maturing in December
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The clean energy firm offers a pick-up to other Abu Dhabi issuers like Mubadala and Taqa
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Buying GreenSaif bonds is akin to buying Saudi Aramco credit but at a cheaper price, said one investor
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The pipeline lease owner will offer a 'good' premium to the Saudi sovereign, said one banker
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The steel firm will be raising $750m, more than expected
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Energy trading company gets new lenders and increases facility size
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BofA doubled trade on strong demand
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Only one other CEEMEA issuer, a Russian bank, has sold a social bond
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Erdemir, another Turkish debutant, likely to emerge on Tuesday with 8% handle
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A holiday is supposed to be all about relaxing, letting loose and shaking off the daily grind. But for those in investment banking, planning a getaway is often riddled with work complications. Where you go, when, and what you do can be much more fraught questions for financiers than for others
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Telco seen as benchmark as it draws solid demand, shows access for peso-generating businesses
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One of Argentina's strongest corporate issuers begins investor meetings for proposed seven year
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Concerns about the state of the market from September are hurrying issuers to primary market
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Demand was nearly twice the $800m size
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CEE sovereign trades up as another Turkish corp issues a mandate
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Gulf issuer blasted through where leads had put fair value two days before
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One investor expects the oil firm's triple tranche deal will price at least flat to the sovereign
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Emerging market governments have to placate the markets and their citizens
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The real estate firm's only sukuk has traded well since issued in February
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The tenor may be 'unusual' but the sovereign did not 'have much choice'
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Trade will test investor appetite for longer dated bonds, said one banker
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Saudi Arabia is the only other Gulf sovereign to have raised in euros
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The energy firm hopes to issue new vanilla bonds in the near future
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Original note has traded well since launch in February
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Hung parliament seen as best outcome for bond issuers, even if swing to left was unexpected
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◆ UK ousts Tories from power... ◆ ... setting up final round of French elections as only bar to primary market revival ◆ EM debt restructurings: balancing what creditors demand with what voters need
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Governments on the continent face a tricky time balancing needs of population with demands of overseas lenders
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The proposal still needs IMF and official creditor approval, which is not certain
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Two banks, one in the US and one in the Gulf, have broken into this year’s top 10
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Conditions ripe for strong deal flow but issuers must still navigate geopolitics and rates volatility
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Commercial lender becomes seventh Chilean FI with bonds outstanding in Swiss francs
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Pricing inside fair value, says lead
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The country does not need to issue again overseas this year
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Polish development bank bats aside oversupply concerns
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The sovereign has issued more ESG debt than any other emerging market government
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Quality not quantity in a $1.1bn order book
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Corporate-focussed Banco Internacional wants to be the seventh Chilean bank to issue in Switzerland
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Local and international buyers support Brazilian firm's return to bond markets
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Demand for Turkey, where metrics are improving 'day by day', is still good, said one banker
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Investors will want a new issue premium because of the high volumes from Poland, said one investor
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Communications about capital markets issues like IPOs have to be true — but that does not make them meaningful
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Bond issues tighten across the board as borrowers plunge in to avoid perilous fourth quarter
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Asian dollar bonds fell in the aftermarket this week, even with new issue premiums
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No premium needed for $750m seven year sale
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◆ Debut deal arrives two weeks after being mandated ◆ Anchored by a single order ◆ Small premium offered
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GlobalCapital launches innovative database of new bond pricing dynamics
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Issue watched closely to gauge demand for Turkish T2
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Ainsley Holdings, under the rocked Steinhoff International — now called Ibex — sheds a 13.6% stake in Pepkor
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Committee featuring at least five major firms’ lawyers set up amid hopes for change in Venezuela
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Deal to refinance tier two of recent acquisition
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Fair value around 110bp-115bp over, says lead
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Issuers from across the region, including Africa, are planning new deals
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StanChart promotes from within to fill gap
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The best banks, issuers, individuals and other market participants were awarded at GlobalCapital's flagship industry dinner in London
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Public sector bond banker has been with the bank for over a decade
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Sovereign issuance made up over half of all CEEMEA supply, and euros a third over the past month
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Two parties, diametrically opposed on many key issues, have joined forces to run South Africa
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◆ Election risk has sidelined European bank issuers ◆ Higher premiums required ◆ The pros and cons of issuing now or later
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◆ Pair met investors last week ◆ Volatility dampens covered bond supply ◆ Market would like ‘frequent issuer’ reopener
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It was the best of times, it was the worst of times to execute a deal mandate
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‘Notable gap’ separates Ukraine and its bondholders, says Barclays economist
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The Act could resurface next year after November’s elections
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European banks return to the facility alongside 'more new GCC banks'
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New issue premium had been thought likely after heavy Turkish bank issuance in recent months
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A book heavy with long-only investors should support a recovery in the freshly listed Abu Dhabi stock
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Yields are too high to issue at a reasonable cost, and a drought means a rally is unlikely
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Senegal’s deal is free of the shadow cast by previous African sovereign private placements
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Turkish banks see improved rollover ratios and declining pricing as Turkey’s economy gains lender confidence
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◆ Five year deal to diversify funding sources ◆ Syndicate happy to wait for investors ◆ Trade to come inside recent comparables
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Changes follow promotions of Rombouts and Fine
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Oversubscription for Polish bank's book was similar to Hungary’s OTP last week
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Real estate firm’s deal a rare example of sub investment grade corporate issuance from GCC
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Shares rise after second sale was ‘majority’ covered by international investors, in contrast with domestic IPO
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The Polish bank is one of the highest rated of Central and Eastern Europe's bank issuers
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Some believe the issuer paid more by going private
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New EU borrowing is on the agenda but will be opposed, Draghi is a wild card
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The listing of Abu Dhabi edtech company was 39 times oversubscribed following ‘overwhelming’ demand
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Investors eye potential for credit rating uplift
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Economic growth tipped to continue but investors will need to temper expectations
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Demand has slowed and investors are much more price sensitive in new Turkish bank issuance
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The sovereign wealth fund paid no concession, but a lead conceded fair value estimates will vary widely
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Turkey's largest private lender has not issued a public bond in seven years
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The market had been expecting a public deal, said investors
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Bond markets should not reflexively dismiss new president Claudia Sheinbaum as a socialist acolyte of Amlo
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Demand was nearly £4bn for the sovereign wealth fund's first ever debut in a new currency
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The Czech electricity producer's use of coal makes selling a green bond hard, one lead admits
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Lending to country dips after busy 2023
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The Saudi wealth fund and sovereign have issued tens of billions of dollar bonds in the last two years
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Fair value is about 180bp over mid-swaps says a banker on the trade
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When it comes to monitoring comms, surely what’s good for the banking goose is good for the governmental gander
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Books will open on Sunday for Aramco’s first follow-on since IPO
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◆ Which banks sell in run-up to rate cuts ◆ South Africa election and the bond market ◆ Saudi Arabia leaves peers behind
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Books were two times covered for three Gulf banks bonds this week
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The prices on offer mean little pushback from investors when Saudi Arabia issues more than planned
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Sheer volume of issuance prevents sensible comparison to peers
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Sub-investment grade issuance from Gulf banks is very rare
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Securitization, new hedging techniques, more collaboration needed to pull in private sector
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International, emerging market, ESG and tech investors show up for deal
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The Kingdom is the emerging markets’ biggest sovereign issuer of the year by far
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Demand nearly four times the deal size allowed pricing to tighten sharply
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Capital trades are drawing higher demand than senior notes, said one banker
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Bank’s first issue for nearly four years offers 5bp NIP on a $500m note
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BBK, NBK and GIB mandate benchmark dollar deals
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South African bonds will do very well under some outcomes, but others pose a big risk
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The Kingdom was thought to have completed its international debt borrowing for 2024 in January
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Capital Markets Union: gauffre it ◆ The EMEA investment banking riddle ◆ Why EM bond investors keep buying deals that end up under water
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Investors keep showing up for deals that cheapen on the break
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The chance to price debt at very tight spreads is drawing a wide range of issuers to market
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Recent Abu Dhabi supply has been managed carefully
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There was high book attrition, about 45%, between guidance and final pricing
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EPH tightened the spread by 30bp, something it was unable to do last year on a bond issue
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