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Emerging Markets

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Business has sagged in the third quarter, but the pipeline is busy, despite an intractable war
Private bonds are now being offered in the open market wider than where public deals trade
Even as USTs stay near 5%, supply expected to pick up

Data

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  • Juan Carlos Varela, the president of Panamá, named Eyda Varela de Chinchilla as finance minister on Tuesday after Dulcidio de la Guardia resigned despite apparently impressive results.
  • Bahrain is no closer to accessing the capital markets for additional funding following its support package from its Gulf neighbours agreed last week, according to local investors. And nor is the appointment of Lazard as an advisor to the country seen as a precursor to debt restructuring.
  • Lietuvos Energija on Tuesday made full use of its green credentials to price a €300m bond with a much smaller new issue concession than has been seen on the majority of recent new issues.
  • Mainland firms Hujiang Education & Technology Corp and China Beststudy Education Group are planning to list in Hong Kong, having submitted IPO documents to the stock exchange.
  • Southern Gas Corridor, the 3,500km pipeline system costing $45bn that will run through Azerbaijan, Georgia, Turkey, Greece, Bulgaria, Albania and Italy, has signed a syndicated loan with guarantees totalling $750m-equivalent, as it begins its first commercial deliveries to Turkey.
  • Rural Electrification Corp has mandated Bank of Baroda for its latest $250m offshore borrowing, according to a source close to the situation.