![]() ![]() Nigeria is offering $500 million of 10-year debt in its first international bond sale. Petroleo Brasileiro SA raised $6 billion yesterday in Brazil’s largest corporate debt offering. Emerging-market borrowers are poised to raise at least $13.9 billion in the U.S. corporate bond market this month, compared with the record $19 billion in October, according to dataįixed-income investors are favoring the debt as Barclays Capital forecasts emerging-market economies will grow 6.4 percent in 2011, versus 2.5 percent for developed countries. The size of the market for bonds from developing nations expanded 17.5 percent last year, the most since 2005, while the global market’s growth slowed to 9.9 percent, according to Bank of America Merrill Lynch. “Investors are trying to figure out where in the world to go to earn a viable return on capital.” “Issuance levels are a sign of the explosive growth and demand for capital and credit that’s under way,” said Nathan Sandler, co-founder and managing partner of Los Angeles-based investment firm ICE Canyon, which oversees more than $2 billion in emerging market and global credit assets. Money managers seek the debt to profit from the extra yield paid by companies based in lower-rated countries, said Noel Hebert, credit strategist at Mitsubishi UFJ Securities USA in New York. Halyk Savings Bank of Kazakhstan JSC sold $500 million of 10-year bonds rated Ba3 by Moody’s Investors Service on Jan. ![]() 19 that yield 415 basis points, or 4.15 percentage points, more than similar-maturity Six days earlier, Livonia, Michigan-based Valassis Communications Inc. issued $260 million of notes with the same maturity and rating at a spread of 333 basis points.Įlsewhere in credit markets, Morgan Stanley sold $5.25 billion of notes in the biggest offering from a U.S. ![]() 26 to start marketing its buyout debt as loan prices fell from the highest in more than three years. Morgan Stanley, the owner of the world’s largest brokerage, followed Citigroup Inc. bond market after foreign financial firms dominated issuance of the securities during the first two weeks of this month. Morgan Stanley’s sale, the third-biggest in the U.S. this year, comes after the New York-based firm reported fourth- quarter earnings climbed 35 percent. The offering included $1 billion of 2.875 percent, three- year notes that priced at 99.855 cents on the dollar to yield 187.5 basis points more On Jan. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |