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Meanwhile, LatAm sovereign announces mandate for a multi-tranche deal that could come next week
Sovereign closed 'remarkable' deal despite US Treasury pricing drama
Big, volatile week in EM raises questions around fair values

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  • Investors showered a debut dollar deal from Uzpromstroybank with orders on Monday, with the order book for the $300m bond peaking at $1.2bn. But despite the success for the privatisation candidate, government officials are hoping that future Uzbek bond issuance will favour local currencies.
  • Global coordinators say that they are working hard to bring international orders into the book for the IPO of Saudi Aramco, which is also attracting large pools of local demand.
  • State-owned airline Dubai Aviation Corporation, known as flydubai, has refinanced its debut sukuk into a term loan — a rare win this year for the loan market, which has declined while attractive issuance conditions boost DCM volumes.
  • MSCI will complete its third and largest step of including China A-shares in its MSCI Emerging Markets Indexes and the MSCI China Index after the market closes on Tuesday. In preparation, foreign investors bought Rmb21.4bn ($3bn) of A-shares by 3pm through the two Stock Connect schemes — surpassing the record high of Rmb17.4bn achieved last year.
  • Chinese government-owned China State Construction International Holdings (CSCI) raised $500m from a subordinated perpetual bond, after investors put in orders that covered the transaction by more than 10 times at the peak.
  • TMB Bank Public Co has sealed a $400m Basel III-compliant additional tier one bond. The rarity of the Thai deal made price discovery tricky.