Deal Case Studies
On 16 May 2018, the African Development Bank (AfDB) successfully priced a EUR1.25bn 10-year Social Bond transaction. The issue follows the inaugural EUR500mn 7-year Social Bond issued in November 2017.
Following up on its recent “double bill” international bond, the former Soviet republic hit the market again at a tough time, but the notes proved popular with international investors and saw some of the highest oversubscription levels in the sovereign space over the past year.
A testament to solid investor relations, good governance and transparency, Albanesi was able to attract traditional portfolio managers to its latest dual-tranche A/B loan syndication, a rare project finance deal in the country’s power sector.
The Kenya-based subsidiary of one of Africa’s leading financial institutions managed to secure strong demand from a broad group of lenders as it sought to diversify its sources of funding.
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.
- CASE STUDY: ADNOC Makes Record-Setting Debut with USD3bn Bond
- CASE STUDY: Renova Crushes USD410mn Loan with One of the Longest Tenors in Corporate Argentina
- CASE STUDY: Invenergy Winds Up Uruguayan Market with 20-year Project Bond
- CASE STUDY: Blackrock and Citi Conjure Up Dual Tranche Hybrid for Mexico Port Construction
- CASE STUDY: Petroperú Goes Long with USD2bn Dual-Tranche Debut Bond
15 Jun 2018