LatAm Loans

SABMiller’s move into the European bond market this year gave the issuer flexibility, diversity and a distinct pricing advantage to its traditional US dollar funding options, reports Nina Flitman.

When South Africa’s Sappi termed out its short term debt in July, it used high yield bonds as well as the loan market, a two-pronged approach that is still unusual in the European market. Sarah White talks to group treasurer Jörg Pässler about Sappi’s refinancing strategy.

Not many would have bet that a bank focused on emerging markets would emerge as one of the winners of the financial crisis. Yet, Standard Chartered has done exactly that. The bank’s focus on emerging economies as well as its conservative business and funding models have helped it navigate some rough waters over the last two years. Hélène Durand speaks to its finance director and finds out what is behind the bank’s success.

Aggressive overseas expansion plans meant that corporate India became the darling of the debt markets in 2006 and 2007. But the credit crisis changed all that. One of its star names, Tata Motors, which had borrowed heavily to finance the acquisition of Jaguar Land Rover, found itself struggling to refinance a $3bn loan. Tanya Angerer reports.

The revival of the European corporate bond market in the first three quarters of 2009 has been impressive, with issuance volumes by early September more than 50% higher than in the whole of 2008.

The Hellenic Republic began the year surrounded by public doubts over its creditworthiness and eurozone status, but as Brendan Daly reports, it has overcome these questions and shown that it has no problem funding in the syndicated bond market. Meanwhile, the sovereign has seen its spreads — painfully high when it first came to market in January — gradually tighten as confidence has improved.

Emerging Europe’s biggest sovereign issuer has nimbly executed deals in the last year thanks to well timed and globally distributed benchmarks. As a result, Turkey is now a case study on how emerging market sovereign borrowers can access the market. Sid Verma reports.

Brushing aside grave doubts that any Ukrainian credit would be able to tap the loan market, Ukreximbank signed a $135m deal in June. But, as Paul Wallace reports, bankers are not holding out much hope for the rest of the country’s borrowers.

The World Bank borrowed more in its latest fiscal year than it has ever before in its 64-year history — $44bn. In achieving its target, it broke plenty of new ground in terms of size, maturities, and currencies and also continued to innovate with new products to meet its goals. Brendan Daly reports.

As other non-investment grade borrowers sat tight, Italian telecoms group Wind Telecomunicazioni went to the high yield bond market in July, not just giving itself breathing room by taking care of its refinancing needs for the next four years, but proving that the long dormant European high yield market was well and truly open for business. Tessa Wilkie reports.

A mainstay of the corporate bond and whole business securitisation markets for many years, the UK water industry has been dormant for most of the credit crisis. But Yorkshire Water re-opened the sector in July with a £2.3bn debt refinancing of acquisition debt. Chris Dammers finds out what it took to get the deal done.

SSA desks have regained their place in the sun as issuance volumes have rocketed despite the most testing and volatile conditions the market has seen for many a year. Jo Richards reports.