Saturday, 21 July 2018

Robert Hogg' s stories

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  • Raising the green flag

    ICMA signposts growing green market

    Ticker | 19 July 2018

    The International Capital Market Association has published quarterly newsletter on Green bonds, highlighting that green issuance numbers for the first half of the year outstripped the levels over the same time period in 2017.

  • Employees of ING group take a break in front of their office in Amsterdam

    MOVES-Withers leaves ING syndicate

    Ticker | 19 July 2018

    EM veteran Colin Withers has left ING after nearly eight years in its global debt syndicate team, according to sources.

  • Demand soaks up dollars from World Bank

    Demand soaks up dollars from World Bank

    Ticker | 18 July 2018

    The World Bank visited the US dollar market for the first time this fiscal year on Wednesday, and healthy demand meant it could set final terms on a US$5bn three-year 2bp inside IPTs.

  • A Credit Bank of Moscow branch

    CBOM dishes up tender offer

    Ticker | 17 July 2018

    Credit Bank of Moscow has announced a new tender offer, targeting subordinated bonds a month after completing a buyback exercise of two of its senior notes.

  • Flag of Zambia

    Zambia prepares for IMF visit

    Ticker | 16 July 2018

    An International Monetary Fund team is expected in Zambia next week as part of consultations on the country’s debt levels, Treasury secretary general Fredson Yamba said on Monday.

  • Banks cull EM traders as losses mount

    Banks cull EM traders as losses mount

    Top News | 13 July 2018

    At least 15 London-based emerging markets bond traders have left their roles over the past couple of months as heavy losses in the asset class take their toll, sparking fears about the commitment of financial institutions to the secondary trading business.

  • Nordic Investment Bank

    NIB ratchets in dollar offering

    Ticker | 12 July 2018

    The Nordic Investment Bank brought the second SSA five-year US dollar trade of the week on Thursday, moving the price by 2bp for its US$1bn bond.

  • Smiling Union Jack piggy banks

    UK DMO hits the tight end

    Ticker | 11 July 2018

    The UK DMO sold a £3.25bn index-linked Gilt at the tight end of price guidance on Wednesday, with demand helping it increase the size of the syndication from the issuer’s original plans.

  • Logo of the European Financial Stability Facility (EFSF)

    EFSF eats into funding target

    Ticker | 10 July 2018

    EFSF took a €4bn chunk out its funding target for the quarter as it added to its February 2028s and stretched out all the way to a new 35-year line.

  • US one-hundred dollar bills

    Dollars on the SSA comeback trail

    Ticker | 09 July 2018

    US dollars have dominated the start of the week in SSA issuance, with the European Investment Bank and Japan Bank for International Cooperation both taking IoIs for deals in the greenback, which has seen little action in the past few months.

  • Euros are king as basis moves against dollars

    Bonds | 06 July 2018

    Two issuers turned to the euro market on Wednesday, profiting from a move in the euro/dollar basis swap that has soured the taste of dollars for SSA borrowers.

  • 'Greenium' unproven but demand abounds

    Bonds | 29 June 2018

    The concept of whether issuers can extract a premium for green products remains in debate, but a trio of SSA issuers can point to swollen order books as proof of robust demand for the format.

  • A man walks outside the local branch of the KfW bank in Frankfurt

    KfW pads out sterling bond

    Ticker | 27 June 2018

    KfW was able to hike the size of a December 2023 note offering by £200m from IPTs, as it launched a new £500m bond on Wednesday.

  • The King of Bahrain

    Gulf states poised to support Bahrain

    Ticker | 27 June 2018

    It looks as if the Gulf States have seen enough and will soon announce a programme to support Bahrain’s economic reforms and its fiscal stability.

  • EIB

    EIB bolts on seven-year

    Ticker | 26 June 2018

    The European Investment Bank printed a €4bn seven-year Euro Area Reference Note on Tuesday, taking it close to completing two-thirds of its funding programme for the year.

  • Spain

    Spain to test peripheral sovereign market with 10-year syndication

    Ticker | 25 June 2018

    The Kingdom of Spain is expected to bring a syndicated 10-year euro benchmark in the near future, a trade which will provide the first glimpse into investors’ appetite for peripheral debt since Italy brutally sold off in May.

  • Turkey

    Turkey gains fall away in Monday trading

    Ticker | 25 June 2018

    The rally in Turkish assets after the country’s election results has proved short lived, with the sovereign’s dollar bonds hitting levels wide of Friday’s close.

  • NRW.Bank logo

    NRW.Bank makes Greens a habit

    Ticker | 25 June 2018

    NRW.Bank, which has made a habit of tapping the Green market since its debut in the format in 2013, set final terms on a no-grow €500m 10-year drive-by on Monday off books that were nearly three times subscribed.

  • BEH creeps over the line

    Emerging Markets | 22 June 2018

    Bulgarian Energy Holding succeeded where regional neighbour EPP failed and got its deal done, glad no doubt to take €400m at 3.50% for a seven-year note issue, even if pricing was stuck at guidance.

  • Bears put Turkey under siege

    Emerging Markets | 22 June 2018

    Turkish bonds had appeared to find a floor ahead of Sunday’s crucial elections after a horrendous start to the week, though further pain may lie ahead as doubts about economic policy continue to drive the market.

  • Last rites for Libor as EIB adopts Sonia

    Bonds | 22 June 2018

    The European Investment Bank printed a £1bn floating-rate note issue on Friday in what could become the blueprint for a post-Libor world.

  • EIB

    Last rites for Libor as EIB tacks to Sonia

    Ticker | 21 June 2018

    The European Investment Bank is poised to print a sterling floating-rate note which could become a blueprint for a post-Libor world.

  • Finnvera

    Finnvera pushes into dollars

    Ticker | 19 June 2018

    Finnvera is the latest Nordic issuer to step into the dollar market, as it takes IoIs for a five-year Reg S/144A benchmark.

  • EIB

    EIB brings Sonia landmark in sight

    Ticker | 18 June 2018

    The European Investment Bank is gathering feedback from investors as it prepares to transition from Libor and embrace the new world of Sonia.

  • Naftogaz shortlists banks for bond deal

    Emerging Markets | 15 June 2018

    Naftogaz has shortlisted a group of banks to lead manage a Eurobond offering, according to sources.

  • ECB signals ready, steady go for primary

    Bonds | 15 June 2018

    Dovish guidance from the ECB on interest rates on Thursday offered the much hoped-for signal that issuers were wanting, with a host of mandates promising plenty of primary activity in the coming days.

  • Canada

    CPPIB branches out into Green territory

    Ticker | 13 June 2018

    Canada Pension Plan Investment Board has laid out its intention to become the first pension fund to issue a Green bond.

  • Slovakia racks up a half century

    Emerging Markets | 08 June 2018

    There was a sigh of relief on Tuesday as a €1.5bn dual-tranche offering emerged from Slovakia, which included a rare 50-year note from the region.

  • French flag

    SFIL nails second point in dollar curve

    Ticker | 07 June 2018

    SFIL was set to place a second bond into its US dollar curve on Thursday, becoming the third SSA issuer of the week to find solid traction in the greenback short end.

  • Logo of the European Stability Mechanism (ESM)

    ESM pushes out RFP

    Ticker | 06 June 2018

    The European Stability Mechanism has released an RFP and bankers are now speculating which maturity it will choose to hit.

  • German flag

    High times for Germans in euros

    Ticker | 06 June 2018

    German public sector issuers State of Berlin and WIBank have maintained a trend of successful deals from the country, with both trimming pricing from initial guidance.

  • Croatian flag

    Croatia locks on size target

    Ticker | 06 June 2018

    There are signs that investors are beginning to think about deploying money in new issues again.

  • germany

    Investors lap up German risk with a spread

    Ticker | 05 June 2018

    A pick up versus Bunds helped German issuers Rentenbank and Land NRW grab the attention of investors on Tuesday who were seeking safe assets with a sprinkle of extra spread.

  • Slovakia - Bratislava Castle

    Slovakia brings 50-year home

    Ticker | 05 June 2018

    Slovakia has drummed up interest of over €5.3bn for its dual-tranche offering, as it aims to raise €1.5bn across two legs.

  • Basque

    Basques in the SRI limelight

    Ticker | 04 June 2018

    The Basque Government finally emerged with a €500m 10-year inaugural Sustainable bond on Monday, taking advantage of a more positive backdrop for eurozone peripheral sovereigns to launch the deal and brushing aside any Spanish political concerns.

  • Turkish flag

    Turkey begins long climb back

    Ticker | 29 May 2018

    Turkish bonds are clawing back recent heavy losses, although for some of the sovereign’s bonds, par is still a distant dream.

  • Rough market downs sovereign short of the benchmark

    Emerging Markets | 25 May 2018

    Latvia printed €650m through a two-legged offering on Wednesday, although its failure to hit a benchmark size with the new 10-year hinted at a difficult tale to be told in shifting the notes.

  • Turkey rates hike stops the rot

    Emerging Markets | 25 May 2018

    The central bank of Turkey finally stepped in on Wednesday to hike rates and staunch the bleeding of the lira, with Turkish bond prices rebounding off lows that had made grim reading for holders.

  • Dana Gas reaches agreement with creditors

    Emerging Markets | 18 May 2018

    Dana Gas has reached agreement with creditors on restructuring US$700m of sukuk, it said on May 13, potentially ending a protracted legal battle that unsettled the global Islamic finance industry.

  • South Africa toughs out rates spike

    Emerging Markets | 18 May 2018

    Unsettled markets weighed on South Africa’s latest bond sale on Tuesday as a sell-off in Treasuries made life tough for the first offering from the post-Zuma administration.

  • JP Morgan

    MOVES-Darwish exits JP Morgan DCM role

    Ticker | 09 May 2018

    Khaled Darwish, a debt capital markets banker who covered the Middle East for JP Morgan, has resigned from the bank, according to sources.

  • Ghana

    Ghana makes decent impression on the road

    Ticker | 08 May 2018

    The London leg of Ghana’s roadshow was a success, according to some investors who met the delegation from the country, although not everyone is convinced by the credit story.

  • Ghana next in queue after Angola entices with juicy yields

    Emerging Markets | 04 May 2018

    Ghana will hope to become the next African sovereign to issue a jumbo deal in the US dollar market, despite a deteriorating backdrop, after Angola sold a bigger than expected offering on Wednesday.

  • US dollar bills

    EBRD ramps up floater at last minute

    Ticker | 03 May 2018

    The European Bank for Reconstruction and Development seized the chance to hike the size of its floater, launching the four-year Global at US$550m on Thursday afternoon.

  • A surfer rides a wave

    EBRD floats on Fed wave

    Ticker | 02 May 2018

    The European Bank for Reconstruction and Development has announced a four-year US dollar FRN, taking IoIs overnight against a backdrop of the Fed meeting.

  • kfw/Reuters

    KfW nails down 15-year point

    Ticker | 02 May 2018

    KfW printed its longest euro deal of 2018 on Wednesday and investors eager for duration snapped up the €1bn no-grow 15-year.

  • Ghana

    Ghana primed to announce Eurobond

    Ticker | 01 May 2018

    Ghana will begin a roadshow this week to market a US$2.5bn Eurobond issuance to restructure debt and support the government’s 2018 budget, a senior government official has told Reuters, although no mandate has yet been officially announced.

  • CEE corporates make euros assault

    Emerging Markets | 27 April 2018

    Energy companies Energo-Pro and Elering are spearheading a charge by CEE corporates into primary, with up to five issuers targeting euro-denominated funds.

  • The company logo of United Company RUSAL is displayed during a news conference in Hong Kong

    Russians edge nearer to return

    Ticker | 25 April 2018

    A reprieve for Rusal could open up the possibility of Russian issuers returning to the market, after the US Treasury gave US consumers until October 23 instead to wind down business with the aluminium producer.

  • Investors regain taste for Tier 2

    Emerging Markets | 20 April 2018

    FirstRand Bank and Barclays Africa showed that South African risk is back in favour after both issued debut Tier 2s.

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