LatAm Loans

Few public sector debt officers will be as busy as the UK Debt Management Office’s Robert Stheeman over the next nine months. He has £220bn to raise this fiscal year and to hit his target he will have to prove equally adept at running auctions and syndications, conventionals and linkers — all the while keeping his primary dealers onside. Jo Richards reports.

The EBRD has issued in a variety of currencies as part of its mandate to develop domestic capital markets in eastern Europe, but Brendan Daly notes that the borrower’s defining moment was when it became the first SSA issuer to sell a bond below Libor this year.

It has been a year of firsts for Instituto de Crédito Oficial, as the borrower sold its first 10 year euro bond and its first Samurai, and also took the unusual step of issuing a benchmark with only a single lead. Brendan Daly looks at the tools in ICO’s funding kit.

As the new agency kid on the block, SFEF has rapidly established itself as a core agency constituent of SSA portfolios worldwide. But with just two benchmarks left to issue this year to fulfil its mandate of raising between Eu70bn and Eu90bn to support the French banking system, what does the future hold in store for SFEF? Jo Richards reports.

The Republic of Indonesia is Asia’s busiest international borrower, having turned to offshore investors three times in the first seven months of 2009 to raise a total of $4bn. Matthew Thomas examines its funding strategy.

Despite being well accustomed to cyclical downturns, UK chemicals group Ineos was surprised by the severity and speed of the hit taken by the industry in the fourth quarter of 2008. When competitor Lyondell Basell filed for bankruptcy in January, some feared that Ineos — the second most widely held name by CLOs in Europe — might be going the same way. Tessa Wilkie reports on one of the year’s most watched debt renegotiaters.

The Middle East’s loan market had a torrid time in the first few months of the year, with the abiding memory being Borse Dubai having to rely on government funds after lenders came up short. But, as Paul Wallace reports, Abu Dhabi’s International Petroleum Investment Co changed all that.

Enel’s funding strategy has been anything but staid this year, with the Italian utility tapping a diverse range of markets culminating in a jumbo equity offering in the summer. Nina Flitman finds out what’s next on the agenda.

ArcelorMittal, the world’s biggest steel company, has been rocked by a tough year for metals producers. But it has had a remarkable nine months in the debt and equity markets, scoring some of the biggest and most innovative successes of 2009. Sarah White talks to group management board member Sudhir Maheswari about ArcelorMittal’s trajectory.

Lukoil, Russia’s second largest oil company, benefits from strong state support and has released strong second quarter financial results. Having tapped the domestic bond market, the syndicated loan market and bilateral loans from Sberbank, Francesca Young finds out whether a Eurobond is next.

Deutsche Postbank is a young issuer in the jumbo covered bond market, having launched its debut in January 2008. But as Susanna Rust reports, this did not stop the German retail bank from making big moves in its second year as a jumbo issuer.

Rabobank is one of the few financial institutions to have come out of the credit crisis unscathed, with its triple-A ratings intact. That quality has clearly played in its favour but Rabo has done more than sit back and enjoy its status: it has consistently set the agenda in both senior and subordinated bond markets. Hélène Durand speaks to the bank’s head of funding, Michael Gower, about what it takes to lead the way in these unprecedented times.