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Emerging Markets

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◆ The threat of US corporate issuance to European borrowers ◆ The new funding environment for Middle East banks ◆ Reviving UK equity capital markets
Swiss investors retain appetite for credit as yields become more attractive
As war drags on, banks are boosting hoards of cash after deposit outflows

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  • CEE
    The National Bank of Ukraine’s (NBU) decision to maintain interest rates against pressure to cut them was not enough reassurance for analysts worried about the broader reform agenda in the country. As the saga continues surrounding the ownership of one of its banks rumbles on, a number of obstacles stand in Ukraine’s path to recovery.
  • Indonesian property developer Modernland Realty missed a coupon payment on its dollar bond this week, triggering a further downgrade in its rating.
  • Hong Kong property developer CK Asset Holdings priced its $300m bond at a record tight level for a fixed-for-life deal on Thursday.
  • Investors rewarded Zhenro Properties Group for selling its first green bond this week, pumping orders into the $350m transaction and allowing the issuer to price the deal at its lowest coupon ever.
  • Bank of Communications used its Hong Kong arm for a tightly priced dual-tranche deal on Thursday, bringing back floating rate and fixed rate combo bonds for Chinese financial credits.
  • Yum China, the Mainland-based fast food franchise operator, was eyeing at least HK$17.3bn ($2.2bn) in fresh equity on Friday after giving investors some price guidance for its secondary listing in Hong Kong.