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CASE STUDY: Ezdan Draws Out Tenors with US$460mn Syndication

Ezdan Holding Group, Qatar’s largest privately-owned real estate developer, raised US$460mn through a competitively priced syndication in a bid to help refinance existing maturities and extend the tenor of existing debt.

China's Corporates Are Getting a Taste for Dollar Bonds

A weak dollar and stifling policies at home are making the Chinese corporate sector look increasingly towards dollar funding in 2017.

CASE STUDY: Petrobras Reopens Latin American Credit Markets with US$4bn Trade

After a challenging year for Brazilian credit markets and a broader lull in the Latin American markets following the US election, Petrobras found a narrow window to launch a US$4bn dual-tranche bond as part of a liability management exercise that was oversubscribed by 5x.

Africa Credit Markets Brief

AfDB calls for investment across Africa to close annual US$162bn funding gap – Kenya borrows US$1bn via syndicated loan – Nigeria raises mere NGN100bn in bond sale – Nigeria looking to secure US$5.2bn World Back funding package – Zimbabwe warns South Africa over proposed land reform – Russia’s Rosatom committed to nuclear plant project in South Africa – Senegal issues Eurobond – Saudi Aramco stalls on US$20mn Zambia loan - Zimbabwe secures US$1.7bn loan from Afrexim Bank

CASE STUDY: Rumo Finds Tight Window for US$750mn Bond Debut

Brazilian rail logistics leader Rumo S.A. made a strong international capital markets debut with a US$750mn 2024 bond offering that priced at the tight end of guidance despite broader uncertainty around emerging markets.

Middle East Credit Markets Brief

Saudi Arabia loses market share in the oil sector – Saudi Electricity Co. in talks over sukuk – ACWA makes landmark 22-year trade – Etihad bonds drop on Alitalia news – UAE bankruptcy laws to improve operating environment – Dana Gas in debt restructuring talks – ADCB plans new issue – QNB hits the market, plans to make inroads in KSA – Bahrain feels FX strain – Oman in US$3.6bn loan talks – OETC prices upsized trade – Jordan places another Eurobond – NBK mulls new unsecured notes – Iran struggles to attract foreign investment

Challenge to Develop Fossil Fuels in Argentina Could Make or Break Macri’s Legacy

In 2015, centre-right candidate Mauricio Macri defeated the heir of former president Cristina Kirchner, thus ending almost 12 years of leftist rule. One of its initial promises was to attract foreign investors back to Argentina’s shore. However, over a year has passed and the new government seems to be having problems fulfilling its election promises.

CASE STUDY: Ultrapar Makes Eurobond Comeback with US$750bn Benchmark Note

In Autumn 2016, Ultrapar, Brazil’s fourth largest company and one of the biggest downstream operators and fuel distributors, made an emphatic return to the international debt markets following an 11-year absence with a benchmark US$750mn 10-year bond.

CASE STUDY: Kuwait US$8bn Debut Marks Largest Dual Tranche Bond in Emerging Markets

Kuwait maintained GCC sovereign mega-bond momentum, tapping the markets for an aggregate of US$8bn in the biggest ever EM dual-tranche issuance. Kuwait’s debut on global debt capital markets marks the biggest CEEMEA transaction this year to date.

CASE STUDY: Brazil Prices Through its 30Y Secondary Curve Despite Volatility

In summer of 2016 Brazil was able to quickly recover from a recent downgrade, and despite Brexit and US election-related uncertainties managed to set a new 30-year US dollar benchmark with a US$1.5bn sovereign bond, achieving a 25bp discount over its 10-year benchmark set in March same year.

 

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