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Emerging Markets

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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
Sovereign's $3bn deal tightens well as Asian demand returns
The sovereign's public and private bonds of similar maturities are trading over 25bp apart

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  • Sir Gerry Grimstone, whose departure from Barclays was announced last week, is joining a joint venture between Investcorp and Aberdeen Standard Investments as chair.
  • Philippine oil company Petron Corp has returned to the offshore loan market after a two year absence, picking a bigger lead group that has allowed it to achieve much tighter pricing.
  • Blackstone, Gaw Capital Partners and Goldman Sachs are in the market seeking a HK$9.7bn ($1.2bn) five year loan to support their purchase of 12 shopping centres in Hong Kong from Link Real Estate Investment Trust.
  • When will the supply of Chinese property bonds end? Bankers detected hints of indigestion after a rush of deals last week, but that does not appear to have slowed down the mass of supply. Five more companies turned to dollar bond investors on Monday.
  • JP Morgan has boosted its Australia equity capital markets team with the appointment of Mark Bellofiore, a former Goldman Sachs banker, according to a source familiar with the matter.
  • The Hong Kong Monetary Authority (HKMA) is looking for a new chief executive. Don’t expect it to look very far.