LatAm Loans

Panama’s Global Bank eyes Asia liquidity — Indo Eximbank in $725m fundraising — Protelindo in bilateral talks

Panama's Global Bank Corp has hit the Asian loan market for a $104m dual-tranche syndicated facility to refinance existing debt.

Mexican cement firm, Cemex has persuaded its banks to change the leverage covenants on its $1.9bn credit facility after its business suffered in the wake of exchange rate volatility and crashing oil prices.

Latin American trade bank Bladex has raised a $175m loan from lenders in Asia, increasing the borrowing from an initial size of $103m on popular demand.

Cinven has announced its takeover of the telecoms branch of Spanish gas utilities group Gas Natural Fenosa, as the private equity firm seeks to maintain its presence in a sector which has brought it some of its best returns.

European bond specialists frustrated by the lack of corporate issuance have had their prayers answered. After a couple of quiet weeks, there was €8.5bn of issuance in euros and sterling last week and in the first three days of this week, about €10.6bn.

Latin America’s Banco do Brasil has wrapped up its $1bn financing, which first hit the market in mid-January.

Bladex, a Latin American regional trade bank, is in general with a $150m fundraising, having completed its Asian leg of roadshows at the end of February.

Russian issuers have finally returned to the market this year, with both Sberbank and Russian Agricultural Bank printing dollar bonds this week. RAB's $500m deal is a tap of its outstanding $800m 2018s, while Sberbank's note is a $1bn 10 year non call five tier two bond, printed under the Central Bank of Russia’s clarified writedown language for Basel III compliant debt.

Dealogic league tables of loans transactions, last 12 months rolling.

Dealogic league tables of loans transactions, last 12 months rolling.

Sovereign supply has dominated the CEEMEA market this week, with Latvia and Romania delivering landmark deals in euros and dollars respectively.