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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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  • There is not enough flash in the markets anymore. After a whole generation of Silicon Valley geniuses made billions while dressed like stoned teenagers, style and panache seem to have taken a back seat. Thank heavens for the old guard.
  • Energy and commodities trader Mercuria is back in the loan market for its annual fundraising, seeking a $1.1bn multi-tranche borrowing.
  • Cryptocurrency mining company Bitmain Technologies Holding Co has joined a growing number of companies from the sector aiming for a Hong Kong IPO.
  • Indian electricity utility firm Tata Power has mandated five banks to lead a $245m borrowing, ending a two year hiatus from the offshore loan market.
  • Qinghai Provincial Investment Group Co successfully redeemed its $300m bond this week, giving a boost to its entire secondary curve and ending months of speculation about a possible default. But its debt-related troubles are not over just yet, writes Addison Gong.
  • Thailand Future Fund is due to announce a timeline for its long-delayed listing next week, as it gets ready to kick off bookbuilding in mid-October.