Mamoura Diversified Global Holding sold a dual tranche dollar bond featuring a Formosa tranche on Thursday. Formosa bonds have been gaining traction among Middle East issuers as they seek to tap into Asian investor demand.
By Mariam Meskin
10.30 AM
In a rare international bond issue from Pakistan, state-owned Water and Power Development Authority has issued the country s first responsible investment-labelled bond. It was also Wapda s debut dollar bond.
Wapda, rated B3/B-/B-, sold a $500m Reg S senior unsecured 10 year (June 2031) green bond on Thursday.
It was priced at par with a coupon of 7.5%, giving a reoffer spread of 589bp over Treasuries.JP Morgan was global coordinator and green structuring agent. Deutsche Bank, JP Morgan and
. Already a subscriber? Login
The Emirate of Abu Dhabi raised $2bn on Tuesday, in a deal that bankers said achieved one of the largest negative new issue premiums on any sovereign dollar investment grade bond so far this year.
By Mariam Meskin
12.15 PM
Days after it sold a private placement, Mamoura Diversified Global Holding returned to the bond market on Thursday for a dollar dual trancher. The syndication will include a Formosa tranche.
Mamoura (Aa2/AA/AA), which was formerly known as the Mubadala Investment Company, was seeking a senior unsecured Reg S dual tranche deal, consisting of a June 2031 bond and a June 2051 Formosa. It is expected to raise $1.5bn. Initial price thoughts on Thursday morning were set at 130bp over
. Already a subscriber? Login
By Mariam Meskin
27 May 2021
Belarus this week gave investors a chance to demonstrate the ESG credentials they are often so keen to trumpet. Few took it. Although the country’s sovereign bonds sold off in the wake of the controversial arrest of a journalist on Sunday, investors gave a number of reasons why issues such as human rights violations were no deterrent to buying an issuer’s bonds. But there are signs those excuses may not hold up for ever, writes Mariam Meskin.
Belarus caused outrage after it forced a Ryanair flight from Greece to Lithuania to make a premature stop in Minsk under a false pretext so it could arrest a