Thursday, 14 December 2017

Paul Kilby' s stories

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  • McGraw-Hill Companies offices

    McGraw-Hill withdraws PIK toggle bond

    Ticker | 08 December 2017

    Textbook publisher McGraw-Hill Education has withdrawn a US dollar bond sale, a banker on the deal told IFR on Friday.

  • Vale

    Vale prioritizes retirement of short-term debt

    Ticker | 07 December 2017

    Retiring short-term debt is a priority for Vale, but more liability management and longer-term bond deals are also in the cards as the miner’s credit standing improves, CFO Luciano Siani said this week.

  • Logo of Brazilian pulp and paper company Fibria

    Brazil's Fibria moves to de-lever

    Ticker | 06 December 2017

    Brazil’s Fibria is poised to complete a US$1.5bn liability management operation as it moves into de-leveraging mode after hefty capital investments, executives said on Tuesday.

  • Brazil

    Brazil's last-minute rush to equity markets

    Top News | 01 December 2017

    Brazilian companies could raise up to R$10.6bn (US$3.2bn) through IPOs in December as they rush to sell shares ahead of any potential volatility caused by the general election in October 2018.

  • Brazil's GOL to test market appetite

    Ticker | 30 November 2017

    GOL hopes investors will buy into its improving credit story as it looks to regain market access through a new bond and tender after several rough years for the Brazilian low-cost airline.

  • Brazil

    Cemig revives dollar bond after bank debt refinancing

    Ticker | 22 November 2017

    Brazilian power company Cemig has revived a US dollar bond after abandoning the transaction in May amid push-back from investors reluctant about exposure to the challenged credit.


    Venezuela credit event leaves investors in uncharted waters

    Top News | 17 November 2017

    Rating agencies and ISDA declared Venezuela in default last week, but with the sovereign continuing to pay debt, the situation for investors is anything but clear.

  • Nicolas Maduro

    Venezuela investor meeting more likely a PR exercise: economist

    Ticker | 14 November 2017

    In an investor call from Caracas on Tuesday, Torino Capital’s chief economist, Francisco Rodriguez, discussed his impression of Monday’s meeting with bondholders and his thoughts on what he heard from government officials on the ground.

  • Bahamas announces US dollar 11-year amortising bond

    Ticker | 14 November 2017

    The Bahamas has announced a benchmark US dollar 11-year amortising bond ahead of expected pricing on Tuesday, according to a lead on the deal.

  • Nicolas Maduro

    Investors braced for Venezuela credit event

    Top News | 10 November 2017

    Venezuela debt talks scheduled for this week are expected to be a bust as investors remain reluctant to fly to Caracas amid fears of repercussions from US sanctions, raising the prospects that a hard default could be on the cards.

  • Venezuela refinancing plan prioritizes import financing: report

    Ticker | 08 November 2017

    Venezuela faces major challenges to renegotiate external debt which will amount to US$141.8bn by year end as the government prioritizes import financing over debt payments, Moody’s said in a report on Tuesday.

  • Oracle announces five-part US dollar bond: lead

    Ticker | 07 November 2017

    Oracle Corp has announced a five-part US dollar benchmark bond sale ahead of expected pricing on Tuesday, according to a lead bank.

  • Goldman hires new co-head of LatAm ECM

    Ticker | 06 November 2017

    Goldman Sachs has hired Facundo Vazquez as co-head of equity capital markets in Latin America, according to an internal email seen by IFR.

  • Nicolas Maduro

    Venezuela blindsides market with restructure call

    Top News | 03 November 2017

    Venezuela astonished markets and infuriated investors last week by announcing what is likely to be one of the largest and most complicated sovereign restructurings ever.

  • Venezuela bond prices sink on restructuring plan

    Ticker | 03 November 2017

    Prices on Venezuela bonds were sinking on Friday morning after President Nicolas Maduro announced that the country planned to restructure its foreign debt.

  • PDVSA says 2020 payment on its way

    Emerging Markets | 27 October 2017

    PDVSA bonds were rallying on Friday as markets bet that the Venezuelan state-owned oil company would narrowly miss a default after announcing it had begun a US$841.88m principal payment on amortising bonds that have a final maturity in 2020.

  • PDVSA logo

    PDVSA bonds sink as default fears mount

    Ticker | 26 October 2017

    PDVSA bonds tumbled Thursday on fears the Venezuelan oil company might fail to make a vital principal payment this week - and open the door to what could be an especially messy default.

  • Pemex

    Pemex's PMI launches US$700m revolver into syndication

    Ticker | 25 October 2017

    PMI, the oil trading subsidiary of Mexico’s Pemex, has launched into syndication a US$700m four-year senior unsecured revolving credit facility.

  • Workers stand in front of a drilling rig at an oil well operated by PDVSA

    PDVSA bonds rally on coupon payment talk

    Ticker | 24 October 2017

    PDVSA bonds rallied on Tuesday on talk that the Venezuelan oil company had made good on overdue coupon payments, easing default fears ahead of big principal payments due this week and next.

  • Nicolas Maduro

    Venezuela default probability increases amid coupon delays: BAML

    Ticker | 24 October 2017

    Venezuela will cover its debt servicing needs this year, Bank of America Merrill Lynch said in a report this week outlining its base case outlook scenario. But the probability of default has increased substantially after delays in coupon payments, the bank said.

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