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Emerging Markets

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Victoria Power Network makes first appearance in the currency
Missile alert stunted flow, but pricing still the main barrier
Pair bring first public non-bank deals from GCC since the start of the Iran War

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  • It was all eyes on Ireland in the eurozone government bond market this week, as the sovereign printed one of its biggest deals with a record-breaking order book.
  • Infrequent issuers are slowly returning to the Swiss franc market. During the past week, Eurofima brought its first Swissies deal in six years, while biotech firm Lonza printed its first bond in any currency since 2017.
  • The State of Qatar and the Emirate of Abu Dhabi looked to sell bonds this week in the wake of extreme oil price volatility that has left commodity exporters with fragile fiscal positions.
  • Luckin Coffee seemed too good to be true. It was.
  • A group of banks that worked on Luckin Coffee’s IPO is facing questions after an alleged multi-billion renminbi fraud came to light last week. But some of the limelight has already been drawn away by another possible fraud case in China and a controversial short report, creating wider uncertainty around US-listed Chinese stocks. Jonathan Breen and Rebecca Feng report.
  • Chinese biopharmaceuticals firm Akesobio is preparing to launch bookbuilding for its IPO next week, according to a source close to the deal.