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13 Dec 2017   Mining, Global, Latin America

Colombia: A New State of Play

The administration of President Juan Manuel Santos is entering its final stretch with presidential elections next year, prompting Colombia Gold Letter to take the pulse of sentiment in the mining and exploration sector on several key issues.

CASE STUDY: YES Bank Double Dips with USD400mn Dual Currency Syndication

YES Bank opened a gateway into the Japanese market with a dual-currency syndication that attracted an unusually high number of Taiwanese lenders.

How African Microfinance Lenders Can Gain Access to Capital Markets

Microfinancing institutions (MFIs) have for years played a key part in driving growth in Sub-Saharan Africa. As investment needs and businesses grow, finding and establishing new channels of funding is becoming a top priority for MFIs – and the debt capital markets could be the answer.

Off The Record: The Top 5 Emerging Market Credit Trends in 2018

It has been a stellar year for emerging market credit, with most of the key benchmark indices outperforming and EM fundamentals broadly improving – while the global economy continues to heat up. But with QE – one of the main forces driving yield-hungry investors into EMs – winding down, a slew of EM elections on the horizon, and uncertainty over the direction of large developed economies like the US, what are the top trends likely to be seen in EM credit in 2018?

CASE STUDY: Autopista del Sol's Dual-Currency Project Bond for Strategic Toll Road a Landmark Debut

Ruta 27’s amortizing USD300mn international 144A/RegS notes and USD50.75mn Costa Rican notes represent its inaugural debut in the international and local Costa Rican debt capital markets.

CASE STUDY: KNPC Seals USD6.245bn Loan in Largest ECA-Backed Corporate Transaction Ever

Kuwait National Petroleum Company’s (KNPC) USD6.245bn ECA-backed loan was a triumph for the company’s Clean Fuel Project and the region’s credit markets, setting a new record for the largest ECA-backed corporate loan to date.

Latin American Governments Welcome Back Miners With Open Arms, Local Communities Less So

2017 marks the first year since 2013 that mining majors are seriously kicking the tires of Latin American mining assets. Revitalized miner balance sheets, positive trending metal prices and welcoming gestures from national governments all fuel the rising appetite for acquisitions in Latin America.

Emerging Markets FX Technical Picture: How Far Can This Correction Go?

How far can this EM FX correction go? Since mid-November, the greenback has been broadly softer due to a variety of factors. EM FX has taken advantage of this, and the top EM performers are ZAR (+5.5%), MXN (+3.8%), and RUB (+3%). TRY has been noticeably lagging, -1.4% since November 15. Many EM currencies are starting to bump up against key chart points, and so the dollar may finally get some traction in the coming days.

Can South Africa Get its Fiscal Groove Back?

With real GDP growth at near zero and fiscal projects trending downward, it’s unsurprising Standard & Poor’s didn’t wait for the ANC leadership contest in late 2017, or the next budget release, to cut the country’s credit rating to junk. The real question now is: how quickly can the country reverse course?

EuroChem Focussed on Latin America, Asia as Fertilizer Industry Recovers

Over the past year, Russian fertilizer giant EuroChem Group AG has made great strides in opening new markets, tapping the growing demand in Asia and Latin America, and spending over USD6bn on two mines to produce potash, a high-quality soil fertilizer. Bonds & Loans catches up with the company’s CFO Andrey Ilyin to discuss the industry outlook, the company’s financing plans for 2018, and how it plans to diversify into new regions.

 

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