SA corporate bonds: up and away
South African corporate bond issues are still on the up after a record 2012.
Recent figures from Absa Capital, a subsidiary of Barclay’s, show the rise continuing into 2013. If issuance so far is any indication of what’s to come in the rest of the year, an increase of more than 50 per cent looks possible. Continue reading »
India’s Exim Bank in AUD debut
The Export-Import Bank of India has become the first Indian institution to issue bonds in Australian dollars, opening up a new market.
The bank raised $200m on Tuesday, double the amount planned, with a 5-year bond paying 5.76 per cent a year. Continue reading »
Asian corporates: steady as they go
Asian companies will likely manage their finances pretty well in 2013, despite the pressures of the slow-growth global economy, says Moody’s the credit rating agency in a report on Tuesday.
With exporters’ margins squeezed by overcapacity and weak orders, life won’t be easy – credit downgrades will outnumber upgrades for Asian companies outside Japan, though not by as much as last year. So life will be tough, but not quite as tough as it has been. Continue reading »
LatAm debt: how low can yields go?
Just when you thought yields on Latin American corporate bonds couldn’t get any lower, along comes an issue that resets the price curve all over again.
Cielo, a Brazilian card-payment processor, on Friday launched $875m of 10-year debt at 225 basis points over US Treasuries, or roughly 3.86 per cent – the lowest price ever paid by a LatAm company selling new debt of that maturity. Continue reading »
Petrobras – drilling offshore for capital
When you have a corporate capital expenditure programme of $236.5bn, the world’s largest, you cannot stay out of the markets for long.
That’s why Brazil’s national oil company, Petrobras, on Monday returned with a €2bn offer of bonds maturing in 2019 and 2023 and a £450m offer due in 2029, according to IFR. Continue reading »
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