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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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Credit Suisse has poached UBS research veteran Erica Poon Werkun to head equity research for Asia Pacific, according to an internal memo seen by GlobalCapital Asia. -
Burgan Bank, a Kuwaiti lender, was able to raise $500m of additional tier one (AT1) capital on Tuesday, returning to the market ahead of its previous AT1’s first call date in September.
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The Kingdom of Saudi Arabia printed its debut bond in euros on Tuesday. The deal was widely hailed a success, sold with a minimal new issue premium, final order books of over €14.5bn and trading up well in the secondary.
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Turkey returned to the market on Tuesday, raising $2.25bn of five year dollar paper with a slim new issue premium. The deal was timed to take advantage of a tremendous rally in Turkish asset prices, but not all investors are convinced.
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It has been a sensational couple of weeks in emerging markets, with money flooding in and asset prices climbing ever higher, but the influx of new money is driving down yields further than some investors feel is justified.
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Korea Development Bank (KDB) tapped the green investor base in Europe for its latest euro bond, achieving a record low funding cost and an unprecedented 0% coupon for a South Korean issuer.
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