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Emerging Markets

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◆ Gulf private placements bite back ◆ Bond new issue premiums rise ◆ CLOs catch a break
Business has sagged in the third quarter, but the pipeline is busy, despite an intractable war
Private bonds are now being offered in the open market wider than where public deals trade

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  • As Uzbekistan takes its first steps towards opening up to international investors, Europe and US are trailing behind their Russian and Chinese counterparts.
  • Emerging markets investors are looking ahead to a series of privatisations in Kazakhstan following the economic reforms unveiled by outgoing president Nursultan Nazarbayev that should be implemented by his successor
  • After years of isolation, Uzbekistan has started to forcefully address its economic challenges and exploit its inherent advantages in a way that offers the potential to make this resource-rich market a stronger player in the global economy
  • Four decades after declaring independence, a successful Eurobond issue and major reforms show Uzbekistan is finally growing up and engaging with the world on its own terms
  • After being off limits to foreign investors for many years, Uzbekistan has raced to catch up for lost time by seeking investments by European banks and international financial institutions
  • After decades of self-imposed isolation, Uzbekistan is embarking on a range of projects with the help of Chinese assistance — and finance — to slowly start to stitch a recently remote country back into the global economy