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Tuesday, 12 December 2017

Robert Hogg' s stories

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  • Oman

    Oman trades lower as Fitch cuts

    Ticker | 12 December 2017

    Oman’s bonds have dropped after a downgrade from Fitch on Monday night that has taken the sovereign close to high-yield territory.

  • REITs unearth mixed fortunes in the primary

    Emerging Markets | 08 December 2017

    There were contrasting fortunes for two CEEMEA real estate investment trusts that were seeking to make their debuts in the international bond markets.

  • Emirates REIT logo

    REITs unearth mixed fortunes in CEEMEA primary

    Ticker | 07 December 2017

    There were contrasting fortunes for two CEEMEA real estate investment trusts that were seeking to make their debuts in the international bond markets.

  • South African flag

    Growthpoint puts SA in spotlight

    Top News | 01 December 2017

    A South African real estate company is hoping that investors will look beyond the country’s economic plight and home in on its expansion strategy as it seeks to make a debut bond issue.

  • CeramTec logo

    Ceramtec buyout bonds near launch

    Ticker | 24 November 2017

    German industrial ceramics manufacturer Ceramtec has announced details around the senior notes leg of the €1.6bn debt package backing its buyout by BC Partners.

  • Oil pump jack

    Raffinerie Heide oil dividend recap stokes debate

    Ticker | 24 November 2017

    German refining firm Raffinerie Heide sold a €250m senior secured 5NC2 dividend recapitalisation deal on Friday, with a large chunk earmarked to go into the hands of shareholders.

  • Nigeria

    Nigeria cracks the long end

    Top News | 24 November 2017

    Nigeria strode into the market last week with the first 30-year bond from a sub-Saharan African issuer, excluding South Africa, as the allure of yield proved too much for investors to resist.

  • Covenant Review puts Adler consent under spotlight

    Ticker | 22 November 2017

    Analysts at Covenant Review have questioned the amendments Adler is seeking to make to its 2020 bond, saying a change in covenants would increase secured debt capacity.

  • Desalination

    Investors wait for Fujairah 1

    Ticker | 22 November 2017

    Fujairah 1 finished investor meetings on Tuesday but timing of the deal is unclear. A lead said the issuer is still entertaining the possibility of calls and the transaction is most likely to be next week’s business.

  • Spain Houses

    Colonial springs out of blocks with M&A refi

    Ticker | 21 November 2017

    Spain’s Inmobiliaria Colonial Socimi barely broke its stride in taking out a €1.2bn bridge loan as it launched an €800m dual-tranche bond offering.

  • View of the Renault headquarters in Boulogne-Billancourt, near Paris

    Renault makes inroads into premium

    Ticker | 21 November 2017

    Renault (Baa3/BBB/BBB-) upsized an eight-year offering by €250m on Tuesday as the French automaker repeated a price move from earlier in the year with a 22bp cut from IPTs.

  • McDonald's logo

    McDonald's offers taste of euros

    Ticker | 21 November 2017

    McDonald’s Corp served up two slabs of fixed-rate euro bonds for investors on Tuesday, as it made its second foray into the currency this year.

  • The flag of the Federal Republic of Nigeria

    Nigeria starts from wide for dual-tranche

    Ticker | 20 November 2017

    Nigeria has begun marketing a US dollar dual-tranche bond offering at attractive levels.

  • Nigeria seeks love for long bond

    Emerging Markets | 17 November 2017

    Nigeria will test appetite for the first 30-year tranche by an African sovereign outside of South Africa.

  • Israel: Sovereign sends RFP for international bond

    Emerging Markets | 17 November 2017

    Israel has sent a request for proposal to banks, according to sources.

  • StanChart

    MOVES-Bes and Mourad take new roles at Standard Chartered

    Ticker | 16 November 2017

    Aurelia Bes has joined as director in Standard Chartered’s debt capital markets team, focusing on FIG and corporate clients in Turkey, according to an internal memo seen by IFR.

  • Petropavlovsk secures crucial funds

    Emerging Markets | 10 November 2017

    Russian gold miner Petropavlovsk secured crucial funds in the bond market last Tuesday, in a deal that could mark a turning point for the Single B company.

  • Diversity at a cost for Argentina

    Emerging Markets | 03 November 2017

    Euro funding proved an expensive alternative to the dollar market for Argentina on Thursday, but the sovereign was willing to bear the price as it made another play to raise money away from the greenback.

  • MOVES-Deutsche Bank bolsters debt syndicate

    Ticker | 02 November 2017

    Deutsche Bank has hired Sam Wareham to bolster its European debt syndicate desk, according to market sources.

  • Qatar flag

    Bankers steer Qatar towards open-door policy

    Top News | 27 October 2017

    Bankers are advising Qatar to invite a broad church of banks into any potential bond sale to smother fears of Doha drawing a dividing line over a regional diplomatic crisis.

  • Investors chug down ADCOP offering

    Emerging Markets | 27 October 2017

    The Abu Dhabi Crude Oil Pipeline drew on a well of demand as books hit double figures for its US$3bn debut transaction.

  • Doha

    Bankers steer Qatar towards open-door policy

    Ticker | 23 October 2017

    Bankers are advising Qatar to invite a broad church of banks into any potential bond sale to smother fears of Doha drawing a dividing line over a regional diplomatic crisis.

  • Mitsubishi UFJ Financial Group Inc in Tokyo

    MOVES-Hussain Hussain takes over Middle East capital markets at MUFG

    Ticker | 18 October 2017

    Hussain Hussain has been appointed head of capital markets for the Middle East at MUFG, according to a source familiar with the matter.

  • Fidelity pays eye-watering coupon

    Emerging Markets | 13 October 2017

    Fidelity Bank recalled a bygone era with a comeback trade last Wednesday, paying a double-digit coupon for a five-year trade.

  • Two is the magic number for CEE sovereigns

    Emerging Markets | 13 October 2017

    Slovakia and Romania dangled yields above 2% for their respective trades last week, a level that is fast becoming the key watermark for investors considering EU sovereigns.

  • Tupras blitzes through sovereign

    Top News | 13 October 2017

    Tupras surprised even its lead bankers after overcoming an escalating spat between President Erdogan and the US government, its own commercial links with Iran, and a tragic accident at one of its storage facilities to sell its first dollar bond in five years.

  • Abu Dhabi tempts buyers with long bond

    Emerging Markets | 06 October 2017

    Abu Dhabi reached out to investors in Asia with its longest-ever international bond, tapping into a well of demand from insurers in the region.

  • Hungarian national flag

    Hungary opens books on euro bond return

    Ticker | 04 October 2017

    Hungary has opened books for its first euro deal in six years as it markets a 10-year bond at 125bp area over mid-swaps.

  • Jordan

    Jordan stretches out into the long end

    Ticker | 02 October 2017

    Jordan is out offering a new 30-year with IPTs in the high 7s as the sovereign makes a play for duration.

  • Saudi Arabian flag

    Saudi sequel is box office hit

    Top News | 29 September 2017

    The sequel to Saudi Arabia’s record-breaking debut trade may have lacked the wow factor of last year’s premiere, but the sovereign still managed to raise US$12.5bn at tight spreads against a jittery backdrop in Treasuries.

  • CBOM stages recovery after torrid price action

    Emerging Markets | 29 September 2017

    Credit Bank of Moscow’s perpetual bonds staged a dramatic rebound after undergoing a sharp correction on Monday.

  • Hungarian national flag

    Hungary primed for mainstream comeback

    Ticker | 26 September 2017

    Hungary is returning to the euro market for the first time in six years after announcing its intention to issue a 10-year bond in the currency.

  • Saudi Arabian flag

    Saudi Arabia hires banks for triple-tranche transaction

    Ticker | 25 September 2017

    Saudi Arabia is returning to the conventional US dollar bond market almost a year after its record-breaking US$17.5bn deal.

  • Russia compromises on deal targets

    Emerging Markets | 22 September 2017

    Russia completed a well-flagged tender and tap of outstanding bonds last Wednesday but the deal proved only a lukewarm success as the sovereign failed to hit its pricing target on the new issues.

  • © Mirage1 | Dreamstime.com - Close-up detail of a natural gas fired power station

    Lift-off for gas duo

    Ticker | 21 September 2017

    NorteGas is looking to make a debut splash with a senior bond as it refinances the debt from its summer acquisition.

  • Pennon hybrid reels in accounts

    Ticker | 20 September 2017

    Investors snapped up the chance to grab a rare sterling hybrid as Pennon Group filled books more than four times over for a £300m trade.

  • Pennon hybrid reels in accounts

    Ticker | 18 September 2017

    Investors snapped up the chance to grab a rare sterling hybrid bond, with Pennon filling books more than four times over for a £300m trade.

  • Ukraine

    Ukraine aims to uncork torrent of demand

    Ticker | 18 September 2017

    Ukraine is looking to build on momentum from a hit roadshow and a tender offer into a stellar comeback trade.

  • Bahraini flag

    Yield propels Bahrain to jumbo deal

    Top News | 15 September 2017

    Anxieties about a weak credit, a format under threat and a bitter regional dispute all melted away in the face of a decent yield, as Bahrain sold a US$3bn deal last Wednesday. The deal was more than five times subscribed.

  • Bahraini flag

    Bahrain dominates EEMEA trading day

    Ticker | 14 September 2017

    The Bahrain US$3bn new issue is dominating flows in the EM secondary market, according to a trader, as the notes find a bid and the shorter end of the curve pulls tighter.

  • Pennon offers scarce slice of sterling hybrid

    Ticker | 13 September 2017

    British water and waste management company Pennon is seeking to bolster its balance sheet and bring a rare hybrid to the sterling market in only the second such deal this year.

  • Unilever

    Sterling offers long-lasting shine for Unilever

    Ticker | 13 September 2017

    Attractive funding costs saw Unilever help itself to its largest ever sterling offering as the company printed £500m across a dual-trancher.

  • Vienna

    Austria sounds out investors for its first 100-year bond sale

    Ticker | 11 September 2017

    Austria is sounding out investors for a potential 100-year sovereign bond sale as soon as Tuesday, in what would be the first “century bond” to be sold publicly by a eurozone country.

  • Turk Eximbank logo

    Turk Exim gets EM ball rolling

    Ticker | 11 September 2017

    Turk Eximbank (Ba1/-/BB+) has kick-started the week’s EM primary market, with a US$500m no-grow five-year at 287.5bp area over mid-swaps.

  • Tajikistan's flag-bearer

    Tajikistan marks dynamic debut

    Top News | 08 September 2017

    Tajikistan took a hammer to its pricing process for its US$500m 10-year debut trade on Thursday, knocking off 87.5bp from initial levels as investors crammed in to get exposure to the emerging markets’ newest borrower.

  • Tajikistan's flag-bearer

    Tajikistan starts wide for debut US dollar bond

    Ticker | 07 September 2017

    Tajikistan has begun marketing its debut international bond at an attractive yield for investors as the sovereign seeks to get the deal off to a flier.

  • MOVES-Reich to take up Deutsche Bank role

    Ticker | 06 September 2017

    Ken Reich will join Deutsche Bank as head of emerging markets fixed income sales for Europe, the Middle East and Africa.

  • Ukraine

    Ukraine prepares for comeback

    Ticker | 05 September 2017

    Ukraine has mandated banks for its first US dollar bond deal as a standalone credit since 2013, according to sources.

  • Tajikistan's flag-bearer

    Tajikistan marks a new frontier

    Top News | 01 September 2017

    The emerging markets frontier, which has already encompassed a host of esoteric names this year, is set to be stretched further as economically fragile Tajikistan prepares for a debut international bond.

  • Otkritie Financial Corporation logo

    Otkritie's subs sink towards lows

    Ticker | 30 August 2017

    Otkritie’s subordinated bonds are see-sawing in secondary trading as the market attempts to assess where holders of the paper stand.

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