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Emerging Markets

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Business has sagged in the third quarter, but the pipeline is busy, despite an intractable war
Private bonds are now being offered in the open market wider than where public deals trade
Even as USTs stay near 5%, supply expected to pick up

Data

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  • Burak Kaya is joining MUFG Turkey to lead its corporate banking activity for non-Japanese firms.
  • Etihad Airways has signed a €100m loan linked to the UN’s Sustainable Development Goals. The deal is one of the latest ESG-linked financings signed in the Middle East, which is developing an appetite for sustainability-linked debt.
  • Bankers and investors do not expect emerging market bond sales to get underway until next week, but from then on execution should ramp up rapidly, with Saudi Arabia and Turkey among the anticipated early issuers.
  • Blackstone-backed Mindspace Business Parks Real Estate Investment Trust (Reit) is preparing an IPO of new and existing stock, set to be just the second listing from the asset class in India.
  • Industrial Securities (Hong Kong) Financial Holdings, Zhengzhou Zhongrui Industrial Group Co and Shandong Iron & Steel Group Co priced international bonds during the last days of 2019, capping a strong year for Asia’s debt market.
  • It is set to be a busy start to 2020 for the Hong Kong Stock Exchange, with three live IPOs in the market. The most recent launch came from Shanghai Gench Education Group, which hit the road with a HK$773m ($99.2m) deal on Thursday.