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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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  • Are Asian investors ready to embrace duration again? Oil India and Siam Commercial Bank (SCB) proved there is clear demand, rolling out a pair of 10 year bonds on Tuesday. SCB also added a five year tranche.
  • Indonesian power company Lestari Banten Energi priced a $775m project bond on Tuesday, sealing the first such Asian deal of the year after months of preparation.
  • Macau casino operator Studio City Finance raised $600m from a deal that was priced right around fair value, funding a tender offer. There could be more bonds from the company in 2019.
  • Larsen and Toubro has kicked off a two-day offer-for-sale in subsidiary L&T Technology Services, eyeing proceeds of up to Rp9bn ($126.3m).
  • S&P Global Ratings, which this week became the first international rating agency permitted to rate Chinese domestic deals, plans to start its business gradually. The firm will initially concentrate on renminbi deals sold by its existing clients.
  • Nio, the Chinese electric car company, has launched bookbuilding for a convertible bond that will be worth as much as $650m, according to a source close to the deal.