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Deal Case Studies

CASE STUDY: Minerva Sees Aggressive Pricing on US$1bn Bond

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%.

CASE STUDY: Wheeler-Dealer Iochpe Maxion Rolls Out a US$275mn Syndicated Loan

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.

CASE STUDY: Tinkoff Bank Bursts Into the Dollar Market with US$300mn Perp Eurobond

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.

CASE STUDY: KNPC Seals US$6.25bn Loan in Largest ECA-Backed Corporate Transaction Ever

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.

CASE STUDY: After Year of Preparation, ACWA Powers Through with Blockbuster Debut

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.

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.

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.

CASE STUDY: NBAD Blazes a Trail with First MENA Green Bond

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.

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.

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.

 

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