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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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  • Bank of America's Asia Pacific head of equity capital markets syndicate Philip Wong resigned on Tuesday morning. He is set to join JP Morgan in the summer.
  • China has set the official rules for its Nasdaq-style tech board. It is undoubtedly a step forward for China’s equity capital market, but it should not be a surprise if a bubble forms soon after it launches.
  • India’s InterGlobe Technologies (IGT) is tapping the international loan market for a debut $100m five year borrowing.
  • China’s Guotai Junan Securities Co double-dipped in the international market this week, raising $500m from the sale of a three year bullet on Monday before launching a three year euro-denominated trade on Tuesday to raise an additional €225m.
  • Hong Kong-based New World Development Co was able to find enough demand to cover a $500m ‘fixed-for-life’ perpetual bond, returning to a structure that lost attraction amid expectations about rising rates.
  • The brief default of a dollar bond by local government financing vehicle (LGFV) Qinghai Provincial Investment Group last week caused next to no impact in the China offshore bond market. That is a bad sign.