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Deal Case Studies

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.

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.

CASE STUDY: Saudi Sets Islamic Finance Benchmark with Record US$9bn Sukuk

After wowing the markets with its landmark US$17.5bn sovereign bond, the KSA repeated the trick on the Islamic finance side, issuing the largest sukuk in history and pricing effectively flat to the conventional sovereign curve.

CASE STUDY: Etihad Lands Largest Sukuk Debut in MENA Aviation History

UAE-based airline Etihad Airways tapped the Islamic finance market with the largest ever sukuk issuance in the MENA region’s aviation history to date, an impressive debut.

CASE STUDY: Parque Arauco Secures Lowest Yields in Chilean Corporate Bond Market to Date

Parque Arauco managed to secure the lowest yields of any Chilean issuer on comparable notes with its October 2016 issuance, a transaction that capped off an exciting evolution in the company’s financing strategy.

 

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