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Deal Case Studies

CASE STUDY: Acciona Formalizes First ESG-Linked Loan in Chilean Markets

Following a successful debut in the European ESG-linked loan space in February, Acciona repeated the move with a dual-tranche dual-currency transaction worth USD30mn in Chile, only the third ESG linked loan in Latin America.

CASE STUDY: Russian Railways’ EUR500mn Issue is Russia’s First Green Eurobond

In May, Russian Railway’s issued the country’s second green bond - and the first in hard currency - by raising EUR500mn in 8-year notes. Capitalising on a warmer funding environment, as well as the company’s strong track-record in the capital markets, the transaction also marked the lowest-ever yield on a Russian issuance.

CASE STUDY: EGA Secures USD6.5bn Loan amid Favourable Markets

The UAE-based aluminium giant timed its return to the loan market perfectly with a jumbo deal that attracted participation of 25 financial institutions and was arranged in less than three months.

Brazilian Borrowers Price Through the Noise to Win Big at Bonds & Loans Latin America Awards

While borrowers in Brazil were confronted with anaemic growth and a lack of political direction through much of last year, many still pursued innovative new funding strategies that took them into the domestic and international credit markets. We take a closer look at some of the transactions originating from the region that won top prize at this year’s Bonds & Loans Latin America Awards.

CASE STUDY: Armpower Energy Plant Marks First Greenfield Project Finance Deal in Armenia

Not only was the transaction a major step forward for private sector participation in Armenia’s energy sector, but the deal marked the first greenfield energy project financing in the country. With the involvement of four multilateral development institutions and a number of investors via the IFC’s innovative Managed Co-Lending Portfolio Programme (MCPP), the total financing cost amounted to USD163mn.

CASE STUDY: Ghana Cocobod Secures Africa’s First Syndicated Sustainability-Linked Loan

Ghana Cocoa Board (Cocobod), which oversees the production, processing and marketing of cocoa, shea nut and coffee from the world’s second largest producer, regularly turns to international markets to satiate its funding requirements. However, Cocobod’s recent USD300mn syndicated loan marks a milestone in the African corporate market due to its innovative sustainability-linked features.

CASE STUDY: Almarai’s USD500mn Issue Marks First Corporate International Sukuk out of Saudi

The benchmark-sized international debut sukuk received more than USD5bn worth of orders – a similar level of oversubscription to the recent Saudi Aramco jumbo bond, a tremendous start to the Saudi dairy giant’s new USD2bn Islamic finance programme.

CASE STUDY: Sri Lanka USD2.4bn Bond Hits Near-Perfect Distribution Despite Downgrade

The sovereign issuer overcame a highly challenging political landscape, culminating in a political crisis, to secure a significant quantum of international funding to support its ailing economy.

CASE STUDY: Bénin Debuts Benchmark Eurobond amid Renewed Hunt for Yield

The African nation’s first international bond, a EUR500mn 7-year Eurobond, saw Bénin tap the market on the same day as neighbouring Ghana at a time when global investors, buoyed by the Fed’s dovish mood swing, piled into high yield sovereign debt.

CASE STUDY: Investors Sink Their Teeth into Triple-Tranche EUR3bn Romania Sovereign Bond

Romania’s Eurobond, the largest ever from the country’s Finance Ministry and first EUR-denominated triple-tranche from a sovereign issuer in 2.5 years, has raised the stakes in the typically quiet CEE debt markets.

 

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