REDD Highlights of The Week
Top highlights of the week driven by REDD's recognised team of journalists and analysts.
Highlights of the week:
REDD CEEMEA: Turkey's Ulker appoints banks for second-ever US dollar bond sale
Ulker Biskuvi Sanayi (Ulker), the Turkey-based food and beverage manufacturer, has mandated banks for its second US dollar bond sale, after making its debut in 2020. REDD exclusively reported that company has appointed three banks to lead the upcoming issuance, as well as provided details on the expected size, maturity, and timing of the upcoming deal.
REDD LATAM: Frigorifico Concepcion bonds drop on qualified opinion on financial statements.
The Paraguayan-Brazilian meatpacker Frigorifico Concepcion was scrutinized by investors after a report called attention for a qualified opinion on its 2023 financial statements. Bonds reacted badly and management took action, scheduling a conference call. Executives explained the qualified opinion was on a preliminary report. PwC, the auditor of Concepcion, raised questions about two clients which asked for additional time to pay more than USD 140m in receivables. The meatpacker clarified that all documentation had been provided to PwC and considered the matter resolved.
REDD CEEMEA Analysis: ShaMaran’s proposed restructuring — crunching the numbers
ShaMaran, Kurdistan-based oil & gas operator, announced a liability management on its outstanding Eurobonds this week, and REDD’s corporate analyst crunched the numbers to see what the proposal might mean for investors. REDD had anticipated ShaMaran’s restructuring nine months before the company announced it this week.
REDD CEEMEA: Gabon investors seek clarity on financing plans after early May market rout
African sovereign Gabon has left investors in the dark after it pulled planned London meetings, but questions about the sovereign’s financing needs are growing louder. REDD spoke with market sources to shed the light on what went on behind the closed doors, and the sovereign’s potential course of action.
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