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Emerging Markets

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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
◆ Gulf private placements bite back ◆ Bond new issue premiums rise ◆ CLOs catch a break

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  • Xinyi Glass has dropped a non-financial covenant on its HK$750m ($96m) borrowing, which was launched into general syndication in August.
  • Korean Air Lines (KAL) closed a $350m secured deal on Tuesday backed by future ticket sales between the US and South Korea, executing the drive-by trade using a credit facility from Shinhan Bank.
  • Chilean savings and loans co-operative Coopeuch has diversified further its sources of funding by becoming the first triple-B rated borrower from Chile to issue in Asian bond markets.
  • Goldman Sachs has named Todd Leland as head of investment banking division (IBD) for Asia Pacific ex-Japan, as his predecessors Andrea Vella and Kate Richdale step up to become co-chairs for the region.
  • Deutsche Bank has grown its private placement desk after making two hires from rival banks.
  • Turkish president Recep Tayyip Erdoğan waded into the drama unfolding in the Middle East on Tuesday morning. He called the disappearance of journalist Jamal Khashoggi a “pre-meditated” and “political murder”, but stopped short of revealing new evidence and left investors unfazed.