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Emerging Markets

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Meanwhile, LatAm sovereign announces mandate for a multi-tranche deal that could come next week
Sovereign closed 'remarkable' deal despite US Treasury pricing drama
Big, volatile week in EM raises questions around fair values

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  • Five senior members of ING's emerging markets and loans teams in London have left the bank, as loans desks across London feel the strain of a 43% fall in business after an already tough year.
  • Shares in Petropavlovsk, the London-listed Russian gold miner, rose 7.4% on Thursday after the company issued a new $125m convertible bond to refinance and older note due in 2020.
  • Ghana Cocoa Board, the central organisation for Ghana's cocoa industry, is in the process of raising $1.3bn to refinance existing debt.
  • E-commerce giant Alibaba Group Holding’s planned IPO of up to $20bn in Hong Kong is set to trigger a wave of other technology listings in the city, if successful. The timing couldn’t be better, as the US sets its sights on Chinese companies listed in New York. Gina Lee and Jonathan Breen report.
  • Black Sea Trade and Development Bank sold its $400m five year bond on Wednesday at a spread flat to inside its own curve, despite some changes to the maturity of the deal.
  • Shanghai’s new high-tech board is set to welcome its maiden IPO after Suzhou HYC Technology Co kicks off its roadshow on Friday. The company will be the first Chinese issuer to use a market-driven price discovery process for its Rmb1.01bn ($145m) float, but bankers on the mainland have little doubt the deal will be a success. Rebecca Feng reports.