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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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  • Bajaj Finance, an Indian non-banking financial company, raised Rp84.6bn ($1.2bn) this week from an equity placement that defied the challenges facing the sector. But bankers warn that the deal’s success does not indicate a change in sentiment towards the woe-ridden industry just yet, writes Rashmi Kumar.
  • National Bank of Bahrain has made a bid to buy a majority stake in Bahrain Islamic Bank, of which it already owns 29%. The move is the latest in a seemingly endless round of consolidation between Gulf banks, driven by the effort to become more competitive in what many have called an oversaturated banking market.
  • Guangzhou Metro Group Co raised $200m from a popular return to the dollar bond market on Wednesday, while two of its Chinese local government financing vehicle (LGFV) peers made their offshore debuts.
  • Haitong International Securities Group raised $400m from the bond market this week, selling a deal inside fair value after a larger-than-expected price tightening.
  • Volkswagen Finance (China) will come back to the Chinese auto loan ABS market after a two-year break on November 13. The Beijing-based originator is offering a Rmb5.97bn ($851m) dual-tranche note equipped with two international ratings.
  • A group of Barbados' creditors on Wednesday welcomed the government’s launch of an exchange that could see the island nation wrap up an 18 month debt restructuring process.