Nigerian bond trading: hello retail
Bond trading in Nigeria is largely the preserve of big investors dealing over the counter, but the Nigerian Stock Exchange on Friday opened a new trading platform which it says will make dealing in fixed income “as easy as trading in shares” for retail investors. Continue reading »
Bimbo joins LatAm bond bonanza
When the US sneezes, Latin America catches a cold – or so the saying goes.
But you wouldn’t know that looking at the LatAm debt market. Bimbo, the the world’s largest breadmaker, became the latest to join the LatAm 2012 bond bonanza with a 10-year debt sale. Continue reading »
Brazil: a bastion of bond strength
The thrill of investing in Latin America just isn’t what it used to be.
Brazil has shown the world, once again, that it really doesn’t deserve to be called a ‘high-risk’ market. The country’s Treasury announced on Friday that it had sold $1bn of 30-year bonds after reopening a bond first sold in 2009. Continue reading »
EM bonds: roaring back to life
Emerging market debt was one of the last shoes to drop when Europe’s simmering sovereign debt crisis once again turned into a full-blown panic this summer, but when it finally did, it landed with a thud.
The yield of JPMorgan’s benchmark emerging markets debt indices shot up from 5.46 per cent in early August to a one-year high of 6.39 per cent at the start of this month, and corporate issuance in September shrivelled to the lowest since at least January 2010.
However, emerging market bonds have rallied markedly this month, and issuance is once again picking up, with a flurry of deals on Wednesday. Continue reading »
Chile to tap bond market for $1.35bn
Chile is poised to issue $1.5bn in debt by reopening a global peso-denominated bond due in 2020 for the equivalent of $350m and issuing $1bn in new 10-year bonds, a new benchmark in dollars, according to analysts. Continue reading »
Banks reap profits from M&A deals in emerging markets
Leading international banks have piled into emerging markets in recent years, dispatching thousands of their best and brightest to recondite but promising parts of the global financial system to counter the glum outlook for domestic western markets.
While hardly a goldmine – yet, at least – emerging markets are certainly starting to contribute to the bottom line of many banks. Although the overall volume of M&A deals involving an emerging market company only rose 4 per cent in the first half of the year, Thomson Reuters estimates that fees rose almost a quarter to $3.9bn. So who is coining it? Continue reading »
Fund file: Argentina’s old charms
Institutional investors looking for emerging markets with old fashioned EM appeal are becoming increasingly attracted to the charms of Argentina, according to a report in Monday’s FTfm.
This is even though that old fashioned EM appeal of high returns tended to be coupled with a fair amount of risk. Continue reading »
Russia: long queue for Eurobonds
Russian corporate borrowers are taking the Eurobond market by storm. Since the start of the month, Russian companies have raised close to $3.5bn on the international debt market, as bond holders look to Russia for higher yields and exposure to rising commodity prices.
Steel producer Evraz and Alfa Bank, Russia’s largest private lender, have raised a collective $1.85bn this week, bringing this month’s total to nearly $4.5bn. Moreover, Russian companies are now able to borrow for longer. Continue reading »
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Stefan Wagstyl
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