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Emerging Markets

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African mobile payment provider prepares to list, seeking large valuation
Deep breath for market as more guidance, more mandates appear
Secondary market selling of private bonds may be wreaking havoc with the primary market for public debt but the trades were still the right thing to do

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  • Asian issuers found strong response to their dollar bonds on Wednesday, coming to the market after a rough start to the week on the back of the coronavirus-related volatility. As investors show their willingness to take on risk again, debt bankers are optimistic the pressure on the market will be lifted before long, writes Morgan Davis.
  • Bahraini iron pellet producer Bahrain Steel is in discussions with lenders to refinance an existing facility, according to bankers. The deal, some say, is part of a broader trend among emerging market borrowers seeking to secure more attractive conditions.
  • The Export-Import Bank of Korea (Kexim) raised $500m from a five year bond on Wednesday, becoming one of the first borrowers to reopen the dollar market after Chinese New Year and the rapid spread of a new virus.
  • Malaysia’s capital markets regulator is looking to position the country as the regional hub for sustainable and responsible investment, launching a new initiative to help corporations meet the United Nations’ sustainable development goals.
  • Chinese hotel company Huazhu Group, previously known as China Lodging Group, has closed its borrowing of about $1bn with 13 banks.
  • Mexican state oil company Pemex will increase the size of its most recently issued bonds by more than initially planned after a debt exchange was comfortably oversubscribed.