Sunday, 16 December 2018

Paul Kilby' s stories

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  • Bankers blow cold on LatAm hybrids

    Emerging Markets | 17 March 2012

    Shopping mall management company General Shopping tested investor appetite for Latin American subordinated hybrids last week, but by printing a modestly sized US$150m non-call five perpetual that slipped in the secondary, the borrower has failed to inspire talk that more such deals are on the horizon.

  • Brazilian borrowers frown on new IOF levy

    Emerging Markets | 17 March 2012

    Brazil’s latest move to extend the tax on foreign corporate debt out to tenors of five years in order to stem the appreciation of its currency could well stifle a loan market that is already short-term in nature, not to mention hopes of any revival in the global Real market.

  • US rates spike jolts issuers

    Emerging Markets | 23 March 2012

    The recent abrupt spike in US Treasury yields and the prospect of rates heading higher are arguably creating a greater sense of urgency among emerging markets borrowers seeking dollars in the international bond markets, say bankers.

  • Poor transparency in Argentina sparks supply fears

    Emerging Markets | 30 March 2012


  • A floating production, storage and offloading unit chartered to OGX

    OGX leverages rarity value

    Top News | 31 March 2012

    Pitched as a last opportunity to buy into Brazilian magnate Eike Batista’s oil concern before it turns cash-positive in 2013, OGX’s new US$1.063bn 10-year non-call five bond issue attracted a healthy US$5.9bn despite some lingering scepticism about the company’s ability to fulfil its ambitious production plans

  • Globo shuns global Real option

    Emerging Markets | 05 April 2012

    Brazilian media company Globo essentially threw in the towel on a potential global Real bond on April 4 and opted instead for a US$300m 10-year dollar bullet after reasoning that demand would be strongest in that part of the curve.

  • Brazil: Rodovias tests appetite for new IOF tax-exempt debenture

    Emerging Markets | 13 April 2012

    Scepticism about Brazil’s first IOF tax-exempt debenture issue is running high as road concessionaire Rodovias do Tiete prepares to sell an instrument that bankers hope will ultimately bring both international and local investors into the same local currency trade. Whether the borrower can achieve such

  • Brazil: Cruzeiro highlights short-term liquidity gains

    Emerging Markets | 13 April 2012

    Cruzeiro do Sul is telling investors that it has enough liquidity to cover all debt payments for 2012 and 2013 as it visits foreign bondholders in the wake of its two-notch downgrade by Moody’s last month.

  • Brazil sacrifices price for size

    Emerging Markets | 20 April 2012

    Brazil returned to the global Real market last week after many had given up hope that it would ever take its chances this year amid buyside complaints over foreign exchange volatility, the government’s policy on capital controls, and the overall illiquidity of this asset class.

  • Argentina - Kirchner

    Argentina says goodbye to markets

    Top News | 20 April 2012

    Moves to renationalise Argentine oil company YPF have essentially closed the door on the few issuers from the country that could previously have tapped the international bond markets and have raised the spectre of a lengthy debt restructuring at the company itself.

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