MIDDLE EAST
UAE
TABREED PINS HOPES ON SEVEN-YEAR
SUKUK
UAE cooling company TABREED has hired
banks for seven-year US dollar sukuk.
Tabreed is rated Baa3 by Moody’s and BBB
by Fitch, both with stable outlook.
Moody’s analysts consider the company to
HAVEûAûHEALTHYûCASHmOWûGENERATION ûBASEDû
ONûTHEûEXPECTATIONûOFûAûSIGNIlCANTûREDUCTIONû
in capital spending in 2019 and 2020,
ALTHOUGHûFREEûCASHmOWûISûSOMEWHATû
constrained by high dividend payouts.
h)TSû-OODYS
ADJUSTEDûDEBT%BITDAû
REMAINEDûBETWEENûXûANDûXûOVERûTHEû
PASTûlVEûYEARS ûWHICHû-OODYSûCONSIDERSûASûAû
moderate level, given Tabreed’s strong
CASHmOWûPREDICTABILITY vûSAIDûTHEûRATINGSû
agency.
“Moody’s calculates that, without any
acquisitions, the company’s leverage will
GRADUALLYûDECLINEûTOWARDSûXûBYûû
However, Tabreed is considering
acquisitions both in and outside the GCC on
an opportunistic basis, and any acquisition
resulting in a sustained deterioration in the
COMPANYSûlNANCIALûPROlLEûWOULDûLEADûTOûAû
REASSESSMENTûOFûITSûCREDITûPROlLEv
-UBADALAûHOLDSûAûûSTAKEûINûTHEû
COMPANY ûWHILEû%NGIEûISûTHEûOTHERûMAJORû
SHAREHOLDERûWITHûû&ITCHûRATESû4ABREEDû
on a standalone basis, given what it calls
weak legal and moderate operational and
strategic links with Mubadala.
4ABREEDûWILLûUSEûTHEûPROCEEDSûTOûRElNANCEû
bank debt. The issuer will be on the road
until October 23.
Abu Dhabi Commercial Bank, Abu Dhabi
Islamic Bank, JP Morgan and Mashreqbank are
JOINTûLEADûMANAGERS
AMERICAS
BRAZIL
INVEPAR READIES BOND TRADE)NFRASTRUCTUREûlRMûINVEPAR started meetings
last week to market a US dollar benchmark
bond.
The borrower has visited accounts in New
York and Los Angeles and will head to
,ONDONûANDû"OSTONûBEFOREûlNISHINGûONû
October 24.
The 144A/Reg S senior secured bond is
expected to be rated B1/BB-.
Citigroup, Santander, BB Securities, Bradesco
BBI and BTG Pactual have been mandated as
bookrunners.CENTRAL AMERICA
IERL EYES GREEN BOND OFFERINGINVESTMENT ENERGY RESOURCES (IERL) wrapped
up investor meetings last week after
marketing a US dollar Green bond offering.
IERL, along with its subsidiaries, is known
as CMI Energia - a privately held renewable
energy platform focused on Central America
and the Caribbean.
The senior unsecured bond is expected to
have an intermediate maturity and BB-/BB-
ratings. Citigroup and Credit Suisse arranged
the meetings.COLOMBIA
TGI DRAWS CROWD AHEAD
OF MARKET TURNTRANSPORTADORA DE GAS INTERNACIONAL (TGI)
PRINTEDûAû53Mû
YEARûBONDûONû
Wednesday after amassing an order book
EARLIERûINûTHEûDAYûOFûAROUNDû53BN
The gas pipeline company revived the
trade after stepping down earlier this year
as a broad push-back in emerging markets
brought issuance to a standstill.
The deal came in what was expected to be
AûBUSYûWEEKûFORûTHEûREGIONSûPRIMARIESûJUSTû
before a change in sentiment on Thursday
dampened optimism about new issues.
,EADSûSETûAûlNALûYIELDûOFûûONûTHEûDEAL û
THEûTIGHTûENDûOFûûPLUSûORûMINUSûBP û
guidance, and comfortably inside initial
PRICEûTHOUGHTSûOFûûAREA ûTHANKSûTOû
strong demand for a rare Colombian name.EMERGING MARKETS AMERICASEXOTIC DEBT PRICES: 18/10/2018
Bid Offer
Americas
Cuba (€) 19.00 20.00
Cuba (¥) 18.00 20.00
Guyana/PD–trade 80.00 90.00
Honduras trade 30.00 40.00
Nicaragua/Loans 16.00 19.00
Suriname trade 12.00 14.00
Africa
Angola 99.00 100.00
Benin 10.00 15.00
Burkina-Faso 8.00 10.00
Cameroon trade 22.00 32.00
Cape Verde trade 75.00 85.00
Central African Rep trade 0.50 1.50
Congo/trade 25.00 30.00
Congo (Dem Rep) 3.75 6.75
Cote d’Ivoire 101.00 103.00
Equatorial Guinea trade 85.00 90.00
Ethiopia 2.00 4.00
Gabon PD-Trade 72.00 82.00
Ghana 88.00 92.00
Guinea-Bissau trade 7.00 10.00
Guinea 8.00 13.00
Kenya trade 45.00 55.00
Liberia PD trade 9.00 12.00
Madagascar (trade) 27.00 34.00
Mali PD trade 2.00 6.00
Mozambique (trade) 6.00 12.00
Senegal 24.00 26.00
Sierra Leone PD-trade 1.00 5.00
Tanzania 12.00 16.00
Uganda trade 16.00 18.00
Zambia PD-trade 15.00 22.00
Asia
Bangladesh 70.00 80.00
Cambodia trade 6.00 12.00
Mongolia 27.00 38.00
Myanmar trade 27.00 32.00
Nepal trade 13.00 16.00
North Korea/Loans 0.50 2.00
Papua New Guinea 85.00 95.00
Vietnam 99.00 99.50
Source: Wesbruin CapitalALL INTL EMERGING MARKETS BONDS
BOOKRUNNERS: 1/1/2018 TO DATE
Latin America
Managing No of Total Share
bank or group issues US$(m) (%)
1 Citigroup 35 12,781.79 16.6
2 JP Morgan 30 9,494.86 12.3
3 HSBC 16 7,142.33 9.3
4 Deutsche Bank 8 6,386.75 8.3
5 Morgan Stanley 12 4,656.11 6.1
6 BAML 17 4,392.52 5.7
7 Santander Corp 13 3,178.79 4.1
8 BNP Paribas 10 3,012.57 3.9
9 BBVA 4 2,811.40 3.7
10 Credit Suisse 9 2,304.90 3.0
Total 84 76,891.12
Excluding equity-related debt.
Source: Refinitiv SDC code: L3ALL INTL EMERGING MARKETS BONDS
BOOKRUNNERS: 1/1/2018 TO DATE
Middle East
Managing No of Total Share
bank or group issues US$(m) (%)
1 Standard Chartered 48 10,311.57 13.6
2 HSBC 38 7,870.48 10.4
3 Citigroup 26 7,704.02 10.2
4 JP Morgan 16 4,604.19 6.1
5 Deutsche Bank 8 4,220.89 5.6
6 Barclays 18 4,055.05 5.4
7 Credit Suisse 8 2,672.16 3.5
8 Credit Agricole 11 2,140.99 2.8
9 BNP Paribas 11 2,108.93 2.8
10 Al Khaliji Comm Bank 2 2,082.76 2.8
Total 97 75,601.23
Excluding equity-related debt.
Source: Refinitiv SDC code: L5