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Emerging Markets

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Six Middle Eastern and Asian banks are bookrunners on DAE's first loan since completing acquisition of Macquarie AirFinance
Africa’s largest IPO backed by Africa-focused Pan-African Refinery Investment after agreeing to $1bn underwriting programme
Treasury yields and oil continue to rise

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  • This year’s second Turkish bank refinancing wave has started and borrowers are pushing hard for tighter pricing. Akbank is expected to set the benchmark for its peers by securing tighter margins on its upcoming loan refi.
  • Investors were given a double dose of green paper from the Philippines this week, as Rizal Commercial Banking Corp (RCBC) rolled out a $300m sustainability bond a day after Bank of the Philippine Islands (BPI) sealed a green deal.
  • Shenzhen Jiangtong Leasing Financial, a subsidiary of Jiangxi Copper Corp, is tapping the loan market for the first time for a $100m borrowing.
  • BNP Paribas and Deutsche Bank have become the first two foreign banks to receive approvals to underwrite all bonds from non-financial corporations in the Chinese interbank market. While the new licence will expand their underwriting scope in the mainland, it is unlikely to make a big dent to their DCM businesses, or challenge state-owned banks’ dominance. Rebecca Feng reports.
  • AllHome Corp has begun pre-deal investor education for its IPO in the Philippines. The firm is targeting as much as Ps20.7bn ($398.8m).
  • Equity capital markets are abuzz in Hong Kong as issuers rush to take advantage of the first window to list since business closed for the summer. Among them, consumer finance company Home Credit and China’s Bank of Guizhou are each targeting $1bn listings.