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Emerging Markets

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Despite rough market conditions and angst over rates, array of deals have been well taken
It is difficult to see issuance conditions growing much better in the foreseeable future
Société Générale and Standard Chartered provided euro and yen tranches respectively in first World Bank-backed transaction involving the Japanese currency

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  • Monde Nissin has covered the Philippines’ largest ever IPO on the first day of bookbuilding, after securing pre-launch demand from a high profile line-up of cornerstone investors.
  • Inversiones Atlántida (Invatlan), the Central American financial services group that owns the largest bank in Honduras, is looking to raise $300m of senior secured bonds, it told fixed income investors this week.
  • LimakPort, the Turkish international port, entered the debt market on Tuesday, while Turk Eximbank has successfully secured a dollar syndicated loan facility. Turkish issuers are demonstrating resilience, market participants say, amid the heightened levels of domestic and political volatility in the last three months.
  • The IMF and Zambia have reached a "broad agreement" on a reform agenda for Africa’s first sovereign defaulter of the pandemic era. That will serve as a prelude to securing a new credit facility from the Fund and pleased investors, who noted that Zambia's bonds have made gains in recent weeks.
  • GLP, a Singapore-based logistics company, joined the flurry of green bonds hitting the market on Monday, with a subordinated perpetual note.
  • The Hong Kong Monetary Authority’s newly unveiled Green and Sustainable Finance Grant Scheme is big on ambition but falls short on some areas that are growing in importance.