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Emerging Markets

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◆ Europe's corporate bond market braces for US tech issuance surge ◆ Canada makes move for EU regs equivalence but to what end? ◆ Middle East private placements here to stay... but will take up less room
FIG
September redemption cash and shortage of supply support investor demand
Private placements may have hung around much longer than first expected but their dominance may be at an end

Data

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  • InterGlobe Aviation is looking to raise up to Rp40bn ($535.4m) from a placement of new stock.
  • Moody’s Corp has acquired a minority stake in credit rating agency Malaysian Rating Corp (MARC), giving the US firm additional access to Malaysia’s domestic bond and sukuk markets.
  • Chinese property developer Yanlord Land Group has increased the size of its latest borrowing to $1.1bn-equivalent after receiving strong response during syndication.
  • ONGC Videsh (OVL), the overseas arm of India’s state-owned Oil and Natural Gas Corp, has sent out a request for proposals for an up to $750m loan, just a few months after raising $1bn.
  • Chilean state railway operator Empresa de los Ferrocarriles del Estado (EFE) debuted in international bond markets on Tuesday, achieving the lowest yield ever achieved by a Latin American corporate on a 30 year issue on the back of an eight times oversubscribed order book.
  • Bermuda could issue a new bond in the coming days as it looks to fund the buy-back of up to $500m of debt.