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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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  • The Asian Infrastructure Investment Bank has proposed creating a $5bn crisis recovery facility in response to the Covid-19 pandemic.
  • Thailand’s state-owned oil and gas conglomerate PTT is moving forward with the IPO of its subsidiary PTT Oil and Retail Business.
  • EM bond bankers were feeling relieved after a better day for global markets on Thursday, as they said some of the asset class’s best issuers were lining up deals hoping to clinch much-needed funding.
  • As the initial government-imposed deadline for Argentina’s mammoth debt restructuring sailed by without a concrete offer to creditors having been put on the table, some analysts are worried that a hard default may be inevitable.
  • Debt relief, restructuring and trillions of dollars of official institution funding are all speeding down the tracks towards emerging markets, as the number of countries with desperate financing needs across the world rapidly stacks up. Ross Lancaster, Burhan Khadbai, Mariam Meskin, Phil Thornton and Oliver West report.
  • Bond market participants in Latin America are gradually accepting that Zoom video calls will become a permanent feature of their job. However, in this particularly travel-intensive segment of capital markets, when it comes to selling a product, neither issuers nor bankers appear willing to cut down visits to clients in a region where personal trust is arguably more important than anywhere else.