Deal Case Studies

CASE STUDY: EU Investors Take Big Bite out of Sigma Alimentos’ €600mn Private Placement

Sigma Alimentos, a leader in refrigerated food goods in Latin America, priced a €600mn private placement through its existing curve off the back of strong demand from European investors, which were eager to get a piece of the company’s first investment grade transaction and its first trade in Europe.

CASE STUDY: BancoEstado Clinches Two Firsts with JPY Women Bond

In the Summer of 2016 Banco del Estado de Chile (BancoEstado) became the first South American issuer to place a social bond outside of the country, and the first to issue 10-year notes in the Japanese market.

CASE STUDY: BOAD Makes Largest Bond Debut of Any West African DFI

The Banque Ouest Africain de Développement (BOAD) priced an upsized US$750mn 5-year trade to make one of the largest capital markets debuts for any West African development financial institution, paving a path for other issuers in the region.

CASE STUDY: Yinson Debuts Largest Murabaha FPSO Financing in Africa to Date

Yinson Holdings Bhd’s wholly-owned subsidiary, Yinson Production (West Africa) Pte Ltd successfully converted conventional debt into a sharia-compliant format through the company’s maiden Islamic transaction, the proceeds of which were used to finance the conversion of existing facilities into a floating production, storage and offloading unit (FPSO).

CASE STUDY: Norilsk Nickel Digs Up US$1bn in Loan Participation Notes

Leading miner Norilsk Nickel spotted a window of relative calm in global markets to sell US$1bn in 6-year senior loan participation notes, enabling the company to extend its maturity profile and capture strong investment appetite from eastern lenders.

CASE STUDY: Santander Chile Breaks New Ground with Country’s First Corporate Formosa Bond

Banco Santander Chile became the first Chilean corporate to issue a Formosa bond, battling a fairly volatile global macroeconomic environment to secure aggressive pricing for the bank’s debut.

CASE STUDY: Cameroon’s XAF165bn Bond Paves the Way for Fresh Project Investment

Cameroon, a leading economy in the Central African Economic and Monetary Community (CEMAC), successfully issued a XAF165mn bond in the local markets in October 2016, a deal that saw aggressive pricing attract strong regional liquidity.

CASE STUDY: KNPC Scores Largest Dual-Tranche Syndicate Loan in Kuwait to Date

The deal was the largest ever syndicated Kuwaiti Dinar financing in the country. NBK acted as Coordinator, Initial Mandated Lead Arranger and Global Facility Agent for the KWD710mn KNPC Conventional Facility and KWD490mn Murabaha Islamic Facility for the Clean Fuels Project.

CASE STUDY: MTN Comes Back from Downgrade to Price at Tight End on US$1bn Bond

African telecoms giant MTN Group overcame bearish sentiment precipitated by last September’s Nigerian sovereign downgrade, along with that of its Nigerian subsidiary, to successfully price a US$1bn dual-tranche bond at the tight end of guidance.

CASE STUDY: Nedbank Pioneers AT1 Instruments in South Africa

Nedbank successfully priced South Africa’s first Tier 1 capital Basel III-compliant securities in 2016, setting the stage for future issuances ahead of the regulatory framework’s introduction in the country over the next year.


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