Citi

South Africa firm Naspers surprised some debt bankers by positioning itself to pounce on a calm market, if such a market appears. The company is taking a dollar bond on a roadshow, which would be the first test of EM new issue premiums in almost a month.

South Africa firm Naspers surprised some debt bankers by positioning itself to pounce on a calm market, if such a market appears. The company is roadshowing a dollar bond, which would be the first test of EM new issue premiums in almost a month.

Innocean Worldwide raised W340bn ($302m) from its South Korean IPO by pricing the deal just above the middle of guidance despite turbulent times for markets.

Two Italian companies have announced plans for debt buybacks, with Finmeccanica and Telecom Italia both expected to complete tender offers next week.

Bank St Petersburg (BSP) was one of two Russian borrowers to complete a tender offer this week, and debt bankers expect the Russian asset liability management sector to stay busy in the coming months.

Peruvian development bank Corporación Financiera de Desarrollo (Cofide) attracted more than $2bn of orders for an $800m dual tranche bond offering on Tuesday, jumping into a short lived window of market calm.

Russian firm Industrial Metallurgical Holding (IMH) exchanged $150.8m of its June 2016 notes into a new 2018 deal this week, but not enough to allow it to bring fresh investors into the new note.

Hanjin Transportation is looking to offload all of its stake in Korean Air Lines via a W240.4bn ($212m) block on July 8, launching the trade to investors after the country’s stock markets closed.

Citi has promoted Michael Lavelle, head of EMEA capital markets origination, to head of UK and Ireland Corporate and Investment Banking and vice chairman of EMEA corporate and investment banking.

Philip Morris International is looking to pare down its stake in Indonesian subsidiary HM Sampoerna, in a deal that could raise some $1.3bn. Five banks have been tapped the run the share sale, which could be the largest in Indonesia since 2013.

Citi has hired Hamish Whitehead as managing director for its equity capital markets origination team in Australia, in line with the firm’s plans to beef up its business and relationships in the country.

A few IPOs remain in the market, although several have been pulled in the last few days — or, like that of Germany’s Deutsche Pfandbriefbank, put on hold.