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Emerging Markets

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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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  • Indian electricity utility firm Tata Power has launched a $245m refinancing loan into general syndication after mandating five banks last month.
  • The International Finance Corp (IFC) has committed $150m to a green bond issued by China Banking Corp, supporting the Philippines’ efforts in fighting climate change.
  • Thailand Future Fund took full advantage of a wealth of domestic demand for its IPO, pricing the Bt44.7bn ($1.37bn) transaction at the top of expectations, according to a banker on the deal.
  • China Singyes Solar Technologies Holdings’ defaults last week have pressured the secondary performance of other new energy names as well as the overall Chinese high yield industrial sector, as the market braces itself for more non-payment situations.
  • SRI
    The African Development Bank is set to announce on Monday afternoon the other risk transfer transaction it has been working on, in parallel with the ground-breaking $1bn securitization it closed in September. Like that, this portfolio credit insurance transaction could serve as a model for other supranationals.
  • SRI
    The African Development Bank’s $500m portfolio credit insurance deal, to be announced on Monday October 22, is one of the first of its kind, but is very likely to be followed by further such transactions, as experience in this area grows and other development finance institutions explore the potential benefits.