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Emerging Markets

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  • New emerging market bond issues have been assessed on a case-by-case basis this week as the spread of the Covid-19 virus delivered sharp swings in global markets. Some borrowers wanted to forge ahead in case of a further sell-off, while others prefer to wait for a recovery.
  • A trio of South East Asian issuers have visited the Hong Kong dollar market in the last two weeks, as a move in the basis spurred demand. Among the issuers was Korea’s state-owned mining company Korea Resources Corporation (KORES), which made its debut in the currency and in the MTN format on Monday.
  • New emerging market bond issues are being assessed on a case by case basis as a split between those issuers keen to forge ahead and those preferring to delay emerges.
  • SBI Cards and Payment Services was riding high on Thursday after a rush of institutional investor demand pushed its billion-dollar IPO through a coronavirus-driven slump in local and global markets this week. Jonathan Breen reports.
  • Rating: Ba1/BB/BB+
  • China Hongqiao Group, China Water Affairs Group and Luxshare Precision has returned to the offshore loan market seeking a total of $800m.