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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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Two Turkish issuers were back on screens this week as the country continues its rehabilitation in the capital markets. QNB Finansbank printed with a 10bp new issue premium, according to one lead manager, a level which he said shows how far Turkey has come since the sovereign paid up 50bp for its post-volatility return to market trade in October. -
Koç Holding, Turkey's largest holding company, has mandated three banks for a five or seven year dollar RegS/144A benchmark. An investor has said that given recent Turkey volatility, he would want to see a much larger premium over the Turkey curve for the longer of those two options.
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QNB Finansbank has revised initial price thoughts for its benchmark dollar 5.5 year bond, with books for the deal over $1.4bn. Both an investor and a syndicate official had said earlier in the day they expected tighter pricing.
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The first issuer representing the United Arab Emirates as a federal entity came to market this week. Emirates Development Bank raised $750m with a five year, surprising market participants with an aggressive pricing strategy.
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Chemicals company China Risun Group has kicked off the deal roadshow for its Hong Kong IPO, eyeing proceeds of up to HK$1.9bn ($243.1m).
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Futu Holdings, theparent of Hong Kong-based Futu Securities International, has hit the road with an up to $130.8m Nasdaq IPO. The firm has cut the size of its float amid shaky markets, but the deal is still being used as a yardstick by its larger competitor Tiger Brokers, which is snapping at Futu’s heels with its own US listing. Jonathan Breen reports.
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Sponsored by CAF – Development Bank of Latin America and the Caribbean
CAF gearing up to transform regional development
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Emirates NBD Capital: An unrivalled conduit for Middle East liquidity
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European Investment Bank: Supporting sustainable development in North Africa
