Deal Case Studies
RusHydro issued the first Russian corporate Renminbi denominated Eurobond via a dual-currency dual tranche deal against the backdrop of a fairly subdued Russian debt capital market, following up on a three-year RUB20mn 7.4% issuance last February.
Nedbank and ABSA Bank were instrumental in helping Enel’s Green Power Division secure ZAR14bn financing for 5 wind farm projects across the country, enhancing the deal with innovative features including a tailored shareholder structure and cross-collateralization between the sub-portfolios.
With the aid of Natixis, which helped set up the innovative hybrid structure, the Peruvian transmission line project was able to attract long-money foreign investors, including major US pension funds.
In a deal that involves an amortizing loan with debt and equity tranches on a non-recourse project finance basis, the Saudi Arabia-based developer broke new ground by achieving an 18-year tenor, raising USD financing with an EGP-denominated tariff and bringing in a Chinese commercial bank.
The Omani electricity company SPV placed the first ever corporate sukuk from the country with an elegant legal structure that helped navigate regulatory obstacles.
The unique A/B private placement structure was a rarity in the capital markets in light of its inclusion of both senior and subordinated tranches. It’s also the third green project bond issued out of Latin America.
The trailblazing issuance by the state government could open doors to China’s onshore market to other Middle East issuers as part of the “Bond Connect” initiative.
The Chilean lender maintained its leading role in the country’s ESG space and continued to promote financial inclusion with the first social bond to hit the local market, priced at CLP50bn, or equivalent of USD83mn.
Dubai Aerospace Enterprise (DAE) has signed a landmark unsecured four-year dual-tranche revolving credit facility with an initial commitment of USD480mn and an accordion feature that allows the facility to be increased to up to USD800mn. The deal was one of the largest conventional/Islamic transactions in the region.
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.
- CASE STUDY: Belarus Eurobond Prices Inside Better Credits, Opens CIS to Global Markets
- CASE STUDY: Albanesi Attracts Traditional Credit PMs to Rare Dual-Tranche Syndication
- CASE STUDY: Stanbic Kenya Sees Tremendous Demand on Fourth International Syndication
- CASE STUDY: Tajikistan Opens Floodgates and Makes Strong Debut with USD500mn Eurobond
- CASE STUDY: Cote D’Ivoire Coasts to the Market with Largest African Euro Bond
11 Dec 2018