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Friday, 15 December 2017

Paul Kilby' s stories

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  • Bond House: Citigroup

    Bond House: Citigroup

    All Special Reports | 15 December 2017

    One bank has dominated the debt capital markets this year. And while much of that dominance is thanks to its achievements in its US home market, it has proven its credentials across the globe. That bank is Citigroup, which is IFR’s Bond House, US Bond House, North America Financial Bond House and Latin America Bond House of the Year.

  • Emerging Markets Bond House and Asia Bond House: HSBC

    Emerging Markets Bond House and Asia Bond House: HSBC

    All Special Reports | 15 December 2017

    HSBC remains at the forefront of innovation in the emerging markets. The bank’s ability to connect bond issuers to markets around the world is unparalleled, especially in Asia where it remains the dominant shop. HSBC is IFR’s Emerging Markets Bond House and Asia Bond House of the Year.

  • Niche-Market Bond: CFE's US$750m 30-year Formosa bond

    All Special Reports | 15 December 2017

    South-South trades are still rare in the bond markets and are mostly undertaken by development banks like CAF issuing in markets such as Hong Kong.

  • Latin America Bond: Pemex's €4.25bn triple-tranche bond

    All Special Reports | 15 December 2017

    In a rough year for Mexican issuers, Pemex defied expectations to sell the largest-ever euro-denominated bond issue from an EM borrower despite concerns about the impact of the Trump presidency in the US.

  • Latin America Loan: Digicel's US$1.355bn multi-tranche loan

    All Special Reports | 15 December 2017

    Debt-laden Digicel got some vital breathing space in 2017 and opened up a whole new market for itself with a US$1.355bn financing that included a rare Term Loan B.

  • Latin America Equity House: Bank of America Merrill Lynch

    Latin America Equity House: Bank of America Merrill Lynch

    All Special Reports | 15 December 2017

    Latin America’s primary equity markets roared back to life in 2017, and one bank showed dominance across the region. For leading landmark trades, showing good market reads and bringing true value to clients, Bank of America Merrill Lynch is IFR’s Latin America Equity House of the Year.

  • Latin America Local Currency Bond: Uruguay's Ps28.2bn five-year Global

    All Special Reports | 15 December 2017

    Uruguay broke new ground in 2017 with its first-ever Global fixed-rate peso bond – a US$1bn-equivalent five-year that opened an entirely new market for the South American country.

  • 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.

  • PDVSA

    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.

  • Bankers see boom times in LatAm bond primaries

    Ticker | 20 October 2017

    Latin American bond issuance surged past last year’s levels this week, making 2017 the second-busiest year ever and putting the region on course to perhaps set a new record.

  • Commuters travel in a Metrocable cabin in Caracas

    Venezuela bonds drift lower ahead of payments due

    Ticker | 20 October 2017

    Venezuela bonds were again drifting lower on Friday as investors kept awaiting late coupon payments ahead of a wall of debt maturities falling due in the coming weeks.

  • Ecuador returns for third bond of the year

    Emerging Markets | 20 October 2017

    Ecuador saw order books swell to US$8bn last week when it priced a US$2.5bn 10-year bond, the country’s largest crossborder deal in decades and its third this year.

  • Opportunities in strong market for Brazil

    Emerging Markets | 20 October 2017

    After raising a total US$4bn this year, Brazil is in no rush to issue crossborder bonds but continues to look at opportunities in dollars, euros and global local currency markets.

  • Ecuador flag

    Ecuador launches US$2.5bn 10-year bond at 8.875%

    Ticker | 18 October 2017

    Ecuador saw order books swell to US$8bn on Wednesday as it launched a US$2.5bn 10-year bond, the country’s largest deal in decades and its third this year.

  • Panama assesses liability management options

    Ticker | 17 October 2017

    Panama is evaluating its foreign bond options for next year including more liability management now that funding needs are largely covered for 2017, its director of public funding told IFR.

  • Brazil continues to eye primary opportunities in strong market

    Ticker | 17 October 2017

    After raising a total US$4bn this year, Brazil is in no rush to issue crossborder bonds but continues to look at opportunities in dollars, euros and global local currency markets.

  • Petrobras bond price jump on Moody's upgrade

    Ticker | 17 October 2017

    Bonds issued by Petrobras were moving higher on Tuesday after Moody’s upgraded the Brazilian state-controlled oil company to Ba3 from B1.

  • Uruguay to hit milestone by funding solely in pesos

    Ticker | 16 October 2017

    For the first time, Uruguay is on course to cover all its yearly funding needs solely with local currency issues in what its head of public credit calls a “milestone” for the country.

  • Venezuela bonds slip on election results, late payments

    Ticker | 16 October 2017

    Venezuelan bond prices fell on Monday after the opposition rejected a surprise win for the socialists in the regional elections over the weekend and investors awaited coupon payments due last week.

  • UPDATE 1-Bancolombia prints country's first Basel III-compliant bond

    Ticker | 11 October 2017

    Bancolombia came with a Basel III Tier 2 bond on Wednesday, the first structure of this type out of Colombia, as the country looks to enforce the new Basel bank rules next year.

  • Blackstone cuts make-whole premium with Vine issue: report

    Ticker | 10 October 2017

    Blackstone is marketing a US$530m 5.5-year bond for Vine Oil & Gas containing language that “hacks away” at the make-whole premium for bondholders, Covenant Review said in a report on Tuesday.

  • Sovereign returns to dollar markets after six months

    Emerging Markets | 06 October 2017

    Mexico priced a US$1.88bn long 30-year bond last week as it sought to redeem short-term debt in its first international foray in about six months.

  • Legal risks for 2022s similar to other PDVSA debt: report

    Ticker | 04 October 2017

    Among the lowest cash bonds along the PDVSA curve, Nomura strategist Siobhan Morden shows a preference for the 2022s, which are trading at a slight discount, she said in a report on Wednesday.

  • Brazil

    Brazil taps strong market with long-awaited bond

    Ticker | 03 October 2017

    Brazil pulled the trigger on a long-anticipated dollar bond on Tuesday, coming with a 10-year trade as part of a liability management exercise targeting close to US$12bn in debt.

  • Mexico

    Mexico returns to dollar markets after six-month hiatus

    Ticker | 02 October 2017

    The United Mexican States priced a US$1.88bn long 30-year bond on Monday as it sought to redeem short-term debt in its first international foray in about six months.

  • Books on Mexico's 2048 bond reach US$8bn

    Ticker | 02 October 2017

    Order books on Mexico’s new US dollar 2048 bond swelled to US$8bn, sources told IFR on Monday, as the country sought to raise funds to redeem shorter-dated debt.

  • Mexico launches US$1.88bn 2048 bond at T+175bp: source

    Ticker | 02 October 2017

    Mexico launched a US$1.88bn 2048 bond on Monday at 175bp over US Treasuries as it looks to raise funding to retire short-term debt, sources told IFR.

  • UPDATE 1-Mexico's Cydsa forced to pay up on bond

    Ticker | 29 September 2017

    Mexico’s Cydsa (BB+/BB) was forced to sweeten terms on a 10-year non-call five bond on Friday after receiving buyside pushback on its first dollar trade in decades, sources told IFR.

  • Mexico's Cydsa widens price guidance on bond

    Ticker | 29 September 2017

    Mexican chemical manufacturer Cydsa (BB+/BB) widened pricing some 80bp on a US$300m 10-year non-call five bond after receiving pushback from investors, sources told IFR on Friday.

  • IFR SNAPSHOT: Junk drives supply, as high-grade takes breather

    Ticker | 29 September 2017

    Junk rated companies were driving bond supply with casino operator Caesars and FLY Leasing being the sole issuers in the US corporate market on Friday.

  • Gramercy awaits right time to enter Venezuela

    Ticker | 29 September 2017

    Hedge fund Gramercy has raised dedicated capital to invest in Venezuela but has yet to put the money to work, believing a default is on the cards before things start to get better.

  • Gramercy awaits right time to enter Venezuela

    Emerging Markets | 29 September 2017

    Hedge fund Gramercy has raised dedicated capital to invest in Venezuela but has yet to put the money to work, believing a default is on the cards before things start to get better.

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