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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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  • Maybank’s investment banking arm has hired equity capital markets banker Abhishek Bakshi from rival CIMB, according to a source familiar with the matter.
  • Local government financing vehicle (LGFV) Zhongyuan Yuzi Investment Holding Group Co priced a $500m deal that was nearly six times covered, a year after cancelling a planned issuance, thanks to a combination of prudent execution strategy as well as improved sentiment on the sector.
  • Fibra Uno, the largest and most diversified real estate operator in Latin America according to Fitch, could price a new dollar deal as soon as Tuesday.
  • South American development bank CAF (Corporación Andina de Fomento) has raised $140m of 10 year debt via a private placement that will be used to fund education projects, GlobalCapital understands.
  • State-owned Argentine oil and gas company YPF became the first borrower from the country to tap international bond markets in 14 months on Monday. Yet despite a healthy reception from investors, bankers do not expect copycat trades from other Argentine issuers.
  • Investors gained confidence from the defeat of Turkey's ruling AK Party in the rerun of the Istanbul municipal elections on Sunday. Asset prices have rallied, improving conditions for Turkish borrowers.