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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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  • Strong demand for Bangkok Bank’s dollar-denominated Basel III-compliant tier two transaction allowed Thailand’s largest lender to sell a bigger deal at a tighter price than expected, writes Addison Gong.
  • Keppel DC Real Estate Investment Trust priced a placement of new units at the top of guidance, raising S$235.4m ($171.3m) for the purchase of two data centres in Singapore.
  • Singapore-based agriculture company Olam International has returned to the loan market for its annual refinancing.
  • Gulf borrowers are being increasingly lured by the attractive terms offered in bond and sukuk markets, much to the detriment of international lenders, many of which are disgruntled by the disappointing loan volumes in the region.
  • Agricultural Bank of China’s Singapore branch has sold the tightest three year floating rate note (FRN) from a big four Chinese bank, adding $500m to its coffers.
  • The Hong Kong Exchanges and Clearing’s (HKEX’s) proposition to acquire the London Stock Exchange Group last week was nothing short of bewildering. Instead of showcasing the HKEX’s ambition with such a bid, the move has only served as an embarrassing reminder of the bourse’s shortfalls.