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Emerging Markets

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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
Sovereign's $3bn deal tightens well as Asian demand returns
The sovereign's public and private bonds of similar maturities are trading over 25bp apart

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  • Being in Asia for as long as I have, one gets used to the quirky nature of some of the region’s smallest markets. My personal favourite is Myanmar, a country long closed off to the outside world and now slowly coming into its own.
  • PSA International, the Temasek Holdings-owned port operator, seized $500m from its return to the dollar bond market after a three year hiatus. It priced the 10 year deal right around fair value, thanks to its opportunistic timing and strong credentials.
  • Korean Air Lines Co returned to the policy bank-guarantee structure for its latest offshore bond this week, raising $300m at a favourable price.
  • Credit Suisse has merged its loan and bond syndicate teams into one unit, and named the new heads of its Asia Pacific financing group (AFG).
  • JPM expands China JV team — Natixis names Apac infra finance head — CLSA makes senior debt hires — BNP closes Manila offshore branch
  • The Indian government has done an about-turn on plans to introduce higher taxes on foreign portfolio investors as it finds ways to boost sentiment in the market. Experts reckon the finance ministry “misjudged” the state of things in India, and scrapping the tax will give a much-needed impetus to the country’s equity capital markets. Rashmi Kumar reports.