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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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  • Chinese chemicals company Risun Group is kicking off pre-IPO investor education next week. The company wants to raise up to $200m before its listing application expires in May, according to a source.
  • Clawback columnist Philippe Espinasse turns his attention to one of the ECM world’s best-guarded secrets: the profits banks can make from stabilisation.
  • Malaysian property developer Eastern & Oriental (E&O) is looking to raise as much as MR550m ($134.8m) from a rights issue and a private placement that will partially fund its latest project.
  • Though a paucity of direct comparable bonds made it difficult to precisely judge the pricing on BTG Pactual’s tier two deal on Tuesday, DCM bankers said that the Brazilian lender had shown investors were willing to bet on high yield paper but keep discipline on price.
  • Biofuels have swollen thanks to policies to combat climate change — even though often, they do not help the problem and can make it worse. This is a shocking record, born of ignorance, both accidental and wilful.
  • Chinese state banks take a lot of criticism for the amount of lending they do in Africa. But what the detractors fail to acknowledge is the lack of competition from Western banks, especially from US houses. As borrowing needs across Africa grow, the question must be asked: if the Chinese banks don't lend to Africa, which ones in the West will?