Sharjah goes long as Formosa trades prove fertile for EM issuers
The Emirate of Sharjah launched its debut Formosa bond on Tuesday. Experts say the format is gaining more interest from emerging market issuers looking to diversify, while investors beyond the traditional Taiwanese buyers are also taking an interest in the market.
The 30 year senior unsecured dollar 144A/RegS Formosa bond was marketed with initial price thoughts of 4.375% area on Tuesday morning. Guidance was tightened to 4.125% by the afternoon.
By that time, order books were in excess of $2.5bn. The deal is expected to close later on Tuesday.One source ...