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Emerging Markets

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  • A Russia euro-denominated bond has taken investors by surprise this week, as emerging markets issuers seem to be taking their last gasps in the bond market this year.
  • Shanghai-listed WuXi AppTec has started bookbuilding for its HK$7.5bn ($958.28m) Hong Kong IPO, which has already received good response from international long-only investors, according to a banker close to the deal.
  • BMW Automotive Finance returned to China's ABS market this week, raising Rmb4.5bn ($575m) from its second deal of the year. But the auto lender tweaked the structure this time, adding a revolving portion.
  • After testing the market with a single tranche Rmb1.94bn ($284m) note in August, carmaker Geely will launch a bigger deal with a more complex structure.
  • Thai hotel operator Minor International had to get creative with its debut $300m bond, owing to its lack of rating and inaugural status. It looked abroad for inspiration, ultimately opting for a South Korean-inspired structure. Morgan Davis reports.
  • Beijing Infrastructure Investment Co showed it is still possible for a Chinese local government financing vehicle (LGFV) to pay little new issue premium for a bond, but its move came at the expense of its order book dropping by a third.