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◆ Gulf private placements bite back ◆ Bond new issue premiums rise ◆ CLOs catch a break
Business has sagged in the third quarter, but the pipeline is busy, despite an intractable war
Private bonds are now being offered in the open market wider than where public deals trade
Data
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With emerging market loan bankers puzzling over what the latest round of US sanctions against Russia mean for syndicated lending in the country — an activity already well muzzled by proscriptions — Moscow bankers were defiant that they would be ineffective. -
After a sudden rush to haven assets, investors are turning back to risk this week, indicating the sell-off in emerging markets may have been “overdone”, or at least, premature. However, spreads are still wider and the mood is cautious.
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Indian non-bank microloan provider Spandana Sphoorty has wrapped up its IPO, just about covering the deal thanks to a strong showing from institutional investors. It is set to be priced at the top of guidance, according to a banker on the deal.
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German carmaker Daimler wrapped up a Rmb5bn ($710m) two tranche private placement Panda bond on Wednesday. Returning to the market after eight months, the Panda bond regular drove through turbulence.
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As the market digests news of the weaker renminbi, which broke seven against the dollar for the first time since the financial crisis on Monday, analysts are predicting that a new equilibrium for the currency will emerge. Rebecca Feng reports.
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The Hong Kong, Shanghai and Shenzhen stock exchanges have agreed to include Hong Kong listed dual-class shares in the Stock Connect trading programme. This could just be what the HKEX’s two lonely weighted voting rights (WVRs) stocks, Xiaomi Corp and Meituan Dianping, need, said bankers and analysts. Jonathan Breen reports.
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Sponsored by CAF – Development Bank of Latin America and the Caribbean
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