Deal Case Studies
The Central Asian Republic saw 9x peak oversubscription and impressive yield tightening of nearly 900bp with its inaugural Eurobond transaction to source funds for the construction of the world’s tallest dam.
The West African nation was able to extend its debt profile with the first ever EUR 30-year tranche from the continent’s sovereigns and the largest ever EUR-denominated issue by an African sovereign.
The first securitization sponsored by Mexico Tower Partners included a much-anticipated 5-year bullet repayment date (ARD) and marked the first wireless tower-backed securitization in Mexico. The structure allowed MTP to waive CNBV’s partial dependence requirement, repay the existing credit facility and keep the remaining proceeds from the issuance.
Notwithstanding the impending FOMC meeting and other headwinds, India’s YES Bank powered ahead with the largest debut issuance by an Indian FI that also became first to be listed on the recently established INX.
CASE STUDY: Credit Bank of Moscow Achieves Tightest Coupon for Russian Private Financial Institution
Russia’s second largest private lender defied the difficult market environment and negative sentiment in the sector to achieve the lowest coupon for a Russian financial institution and a well-balanced orderbook of investors.
Despite a conspicuous rise in tensions between Turkey and some of its closest neighbours and allies, the country finished 2017 as one of the fastest growing economies in the world – thanks in part to an unprecedented fiscal stimulus that helped among other things stoke the continued deepening of the capital markets. Against that backdrop, a number of leading issuers and borrowers once again set new benchmarks in the credit markets for 2018, securing a number of ‘firsts’ while making the market more robust.
The Abu Dhabi National Oil Company’s (ADNOC) hugely successful debut capital markets transaction, a USD 3bn dual-tranche bond, achieved a number of milestones – it was the largest single-currency corporate issuance in the GCC, one of the largest in the Middle East’s corporate history – and marked the start of a bold new financing strategy at the state-owned oil company.
The IIC, IFC and Rabobank helped Renova, one of the world’s most competitive and highly efficient soy product producers, secure USD410mn financing package to expand capacity, stretch out its debt profile, and reaffirm investors’ interest in Argentina’s corporate credit universe.
Invenergy’s 70-megawatt Campo Palomas wind project, located in the Salto Department of Uruguay, launched an investment-grade USD135.8mn in the US Private Placement Market. Campo Palomas is Invenergy’s first project in Uruguay as it continues to expand its presence in Latin America.
The Lazaro Cardenas Port Logistics (LCPL) project’s complex financing structure, including dual bank and bond financings, allowed the borrower to navigate around construction risks and achieve the full 15-year tenor.
- CASE STUDY: Petroperú Goes Long with USD2bn Dual-Tranche Debut Bond
- CASE STUDY: YES Bank Double Dips with USD400mn Dual Currency Syndication
- CASE STUDY: Autopista del Sol's Dual-Currency Project Bond for Strategic Toll Road a Landmark Debut
- CASE STUDY: KNPC Seals USD6.245bn Loan in Largest ECA-Backed Corporate Transaction Ever
- CASE STUDY: Cape Town Wins Race to Issue Africa’s First Municipal Green Bond
11 Apr 2018