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Emerging Markets

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◆ The threat of US corporate issuance to European borrowers ◆ The new funding environment for Middle East banks ◆ Reviving UK equity capital markets
Swiss investors retain appetite for credit as yields become more attractive
As war drags on, banks are boosting hoards of cash after deposit outflows

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  • Air India has sent out a request for proposals for a loan to refinance an $819m existing bridge facility taken to buy Boeing aircraft.
  • Agricultural Development Bank of China, one of three Chinese policy banks, bagged Rmb5.5bn ($781m) from a popular dual-tranche offshore renminbi bond on Wednesday, adding some life to the moribund dim sum market. Rebecca Feng reports.
  • UBS Securities has become the first foreign-owned joint venture to sponsor a listing on Shanghai’s Star Market, where underwriters have to invest in the listings they bring to market.
  • State Grid Corporation of China is seeking a loan to support its $2.23bn acquisition of Sempra Energy’s Chilean business. Even though it is a time of turmoil in Chile, lenders are bidding aggressively for the deal, owing to the state-owned Chinese company’s strong credentials, writes Pan Yue.
  • Zhenro Properties Group returned to the dollar bond market for the ninth time in 2019 on Wednesday. The real estate borrower raised $300m from what is likely to be its last deal of the year.
  • SinoMab BioScience, a biopharmaceutical firm, has started taking orders for its up to HK$1.7bn ($223m) Hong Kong IPO.