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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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  • Pharmaron Beijing Co, a pharmaceutical research and development service platform, has launched its Hong Kong SAR flotation, aiming to raise up to HK$4.6bn ($587.8m), said a source familiar with the matter.
  • China Minmetal’s wholly-owned subsidiary, Onfem Finance, has returned to the market for a HK$4bn ($511m) refinancing loan at tighter levels than its last syndication.
  • Bank of Shanghai has launched its first sole mandated international loan into general syndication.
  • Road King Infrastructure returned to the dollar market for the fourth time this year on Monday. The borrower, which has favoured fixed-for-life perpetual bonds before, offered investors a slightly different perpetual deal this time that would see its coupon be reset but has no additional step-up.
  • Chinese local government financing vehicle Qingdao West Coast Development (Group) Co sold its inaugural offshore bond on Monday, pricing the notes in line with its better-rated peer after an aggressive tightening.
  • The Securities and Futures Commission of Hong Kong has fined UBS HK$400m ($51m) for overcharging its clients over a 10-year period — in the latest penalty to hit the Swiss bank in the city.