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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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  • Temasek Holdings and its wholly-owned Azalea Asset Management this week brought out Astrea V, the latest collateralised fund obligation (CFO) backed by cash flow generated from private equity funds, finding an even better response than their last outing.
  • JP Morgan has added Gregor Feige and Philip Wong to its Asia Pacific ECM team, according to an internal memo seen by GlobalCapital Asia on Wednesday.
  • Two subsidiaries of Taiwan’s Formosa Plastics Corp have closed their offshore borrowings at bigger sizes.
  • An order book that was more than 15 times covered allowed first-time issuer Shanghai International Port (Group) Co to not only beat its price target in the primary market, but also see its $700m bonds perform well in secondary.
  • India’s Power Finance Corp sold a $1bn dual-tranche deal on Tuesday, its first offshore bond outing since its acquisition of REC at the end of March.
  • Huatai Securities has already covered the minimum target for its global depository receipts (GDRs) IPO on the London Stock Exchange, according to a source close to the deal.