EM bond market ignores world’s travails
The emerging market bonds pipeline is heaving this week, with investor meetings announced for International Petroleum Investment Company, Dolphin Energy and Denizbank as well as the speedy pricing of a tap of Russian Railway’s sterling deal. Wider market troubles are little troubling emerging market issuers, with African Bank and the Ukraine sovereign having already priced notes this week, and the Dubai sovereign and Russian Koks expected to tap the market as well, with their roadshows finishing yesterday and today respectively. Dubai has released price talk for its 10 year put five bond flat to the five year point on its curve, at Libor plus 375bp-3875bp.
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