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Emerging Markets

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  • Saudi Aramco’s decision to make its IPO a local affair, with no international marketing, is a lacklustre end to what is nonetheless a huge capital markets event. Unrealistic objectives and hype have taken the shine off a monumental deal.
  • SRI
    Changes in the way aid is provided to victims of conflict mean a new form of funding is required — from private-sector investors — according to Peter Maurer, president of the International Committee of the Red Cross (ICRC). The capital markets are likely to play a key part in these efforts.
  • Africa Finance Corporation (AFC) increased its Swiss franc debt stack on Tuesday, pricing a Sfr200m ($202m) four-year bond that was double the size of its last outing in the market.
  • The Republic of Angola sought a dual tranche trade on Tuesday, marketing 10 and 30 year bonds to investors that will likely have mixed views on the sovereign.
  • Austria has the green light from Chinese regulators for its inaugural Panda bond issue as it looks to become the second eurozone sovereign to tap the market.
  • Shaanxi Xixian New Area Fengxi New City Development and Construction (Group) Co, a lower-tier Chinese local government financing vehicle (LGFV), has raised $120m in the bond market ahead of a December maturity.