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Emerging Markets

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African mobile payment provider prepares to list, seeking large valuation
Deep breath for market as more guidance, more mandates appear
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

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  • The bookrunning lead managers of Spandana Sphoorty Financial’s Indian IPO were seeking out all avenues of demand on Wednesday, with the deal barely a third covered by midday and set to close at the end of the trading day.
  • Vietnamese conglomerate Vingroup is planning a return to the offshore debt market to raise up to $750m from international bonds.
  • China Construction Bank had no trouble selling a Rmb9.87bn ($1.4bn) residential mortgage backed securities deal on Tuesday amid rising trade concerns, thanks to support from its underwriter group.
  • The US finally labelled China a currency manipulator this week, a day after the renminbi weakened to below the psychological level of seven against the dollar. With China clearly indicating its willingness to open a new front in the trade war, the stage is set for an increase in rhetoric between the two countries.
  • Brazilian protein producer JBS will continue its active liability management with the buy-back of $700m of bonds maturing in 2023 and 2024.
  • Credit Suisse's head of Greater China debt capital markets has quit the bank, according to sources.