Deal Case Studies
Brazil beef giant tapped Minerva took advantage of favourable conditions in emerging markets to sell a US$1bn bond due 2026, which priced inside the company’s yield curve at 6.625%.
In the Summer of 2016, automotive wheel producer Iochpe Maxion led by example to become one of the few Brazilian corporates to tap the dollar denominated syndicated loan market with a US$275mn dual-tranche term loan facility that was 43% oversubscribed.
Tinkoff Bank, one of Russia’s most progressive and innovative FIs, made its way back to the international capital markets after a five-year absence with an impressive US$300mn 9.25% issuance, marking the third perpetual Eurobond in the Russian banking sector to date.
Kuwait National Petroleum Company’s (KNPC) US$6.245bn ECA-backed loan was a triumph for the company’s Clean Fuels Project and the region’s credit markets, setting a new record for the largest ECA-backed corporate loan to date.
Saudi Arabia-based ACWA Power placed a US$814mn bond with a 22-year maturity in the international markets in May, an impressive debut following a year of planning and structuring. The transaction allowed the company so diversify its investor base and extend its maturity profile.
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.
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.
UAE-based lender National Bank of Abu Dhabi (NBAD) broke new ground by becoming the first MENA issuer to tap the green finance markets with a debut US$587mn 5-year green bond. The deal marked the largest size and tightest spread for an FI green issuance across the emerging market space, excluding China.
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.
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
- CASE STUDY: Brazil Prices Through its 30Y Secondary Curve Despite Volatility
- CASE STUDY: Saudi Sets Islamic Finance Benchmark with Record US$9bn Sukuk
- CASE STUDY: Etihad Lands Largest Sukuk Debut in MENA Aviation History
- CASE STUDY: Parque Arauco Secures Lowest Yields in Chilean Corporate Bond Market to Date
23 Jun 2017
21 Jun 2017