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WPC EUROBOND 18/27
For example, a large population in the U. Issuing a eurobond in the U. This option leads to forex rate risk as well as transactional costs, which are eliminated using eurobonds. Although eurobonds are issued in a particular country, they are traded globally, which helps in attracting a large investor base.
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Eurobond - Wikipedia
Related Articles. Debt With Treasury Bonds. Partner Links. Related Terms Eurobond A eurobond is a bond issued in a currency other than the currency of the country or market in which it is issued.
Banking bonds non Eurobonds
Global Bond A global bond is a type of bond that can be traded in a domestic or European market. As such, the supportive external and onshore market environment and the typical appetite for African USD fixed income assets, especially corporate Eurobonds, even combined with the cheap valuations of the 19s, appear to have failed to support the sale this time. While we are still awaiting more details about the size of the order book and the allocation breakdown, we also suspect that the bid from Nigerian financial institutions was moderate, which certainly weighed on the primary market pricing.
vipauto93.ru/profiles/come-recuperare/come-sapere-se-iphone-8-o-4s.php The extra yield offered by Diamond Bank may partially reflect the fact that global fixed income investors are not particularly familiar with the name at least much less than foreign equity investors. Questions will also probably arise on whether the marketing of the notes and the selection of a single book-runner were adequate. In this context, the demand-supply mismatch for Nigerian corporate Eurobonds may incrementally become less pronounced, unlike a few years ago, with the potential to result in a more cautious asset selection process among investors and even gradually force the less robust names to pay a higher premium.
Overall, it appears that the new Diamond Bank issue was benchmarked against and a premium to the Fidelity Bank 18s in deriving the yield guidance of the 19s. In fact, a selected number of investors allegedly lightened up their exposure to the Fidelity Bank 18s ahead of the Diamond Bank Eurobond sale, probably because of the higher expected yield on the new issue. We previously estimated theoretical fair value for the Diamond Bank 19s at 8.
Besides, we expected the 19s to trade tight to the Fidelity Bank 18s and wide to the Access Bank 17s in terms of spread over UST, which made the initial price guidance look cheap. Interestingly, the 19s lost further ground this morning, with their price falling to
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