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Emerging Markets

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The bank is considering bond issuance in currencies other than the euro
◆ Intesa Sanpaolo's Slovakian arm is a frequent issuer ◆ Banker said 33bp could be through FV ◆ CEE covereds offer the widest spread, ABN wrote
Books were €700m for what had been penned as a €750m deal

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  • Chinese e-commerce start-up Pinduoduo is set to price its US listing at the top of guidance after a flurry of demand towards the end of its roadshow, according to a banker working on the deal.
  • Singapore Exchange (SGX) has rejigged its listing rules to allow companies in the mineral, oil and gas (MOG) sector to list at an earlier stage.
  • Chitresh Mody has left his job as head of capital markets at JM Financial to start his own fund, sources close to the matter said.
  • Dongfeng Nissan Auto Finance enjoyed strong support from its traditional investor base — Chinese banks and onshore arms of Japanese banks — as it sold a Rmb4.5bn ($665.7m) securitization on July 19. The deal came as looser onshore liquidity gave banks more cash to buy ABS papers.
  • Bond bankers are still optimistic of further issuance from the CEEMEA region before the end of the month despite the dearth of recent deals.
  • CEE
    An innovative liability management exercise by Czech Eurobond issuer Net4Gas is unlikely to be repeated in the near term due to limitations on the koruna corporate bond market, according to bankers on the deal.