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International investors take most of the book for the first time as Zabłocki's investment firm says it expects to make no further sales
Despite rough market conditions and angst over rates, array of deals have been well taken
It is difficult to see issuance conditions growing much better in the foreseeable future
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Uzbekistan opened a new chapter in emerging market bonds on Wednesday, printing a $1bn dual tranche deal. Market participants are expecting a swathe of other issuers from the country to follow the sovereign into the capital markets, although soggy trading on Thursday has stiffened investor resolve to hold firmer on pricing on subsequent Uzbek deals, writes Francesca Young. -
In the emerging markets over the past year the art of bond investing has often felt like perfecting the skill of mitigating disaster — of knowing when to catch a falling knife or jump on a rebound before everyone else does.
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Vakifbank has found competitive funding with a privately placed covered bond, its second of the year, sold via sole lead manager Credit Suisse, even though the publicly syndicated Turkish covered bond market has been closed for some time.
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Uzbekistan printed its $1bn dual tranche five and 10 year bond on Wednesday to great investor excitement, but the bubble was punctured on Thursday when both traded down in the secondary market. That was despite orders as big as $300m from one international EM account, according to Uzbekistan’s deputy prime minister and finance minister, Jamshid Kuchkarov.
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The Turkish sovereign’s third bond of the year, a sukuk, was priced with no new issue premium on Wednesday, paving the way for Türk Telekom to come to market.
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Chinese property developer Dexin China has launched bookbuilding for an IPO that could raise up to HK$1.73bn ($220.3m).
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