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◆ Gulf private placements bite back ◆ Bond new issue premiums rise ◆ CLOs catch a break
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
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China Huarong Asset Management Co focused on getting a sensible price rather than a large size with its Tuesday bond issue, raising $1.1bn from three tranches. The deal followed a probe of its former chairman earlier this year, as well as a general widening of bonds from the sector. -
Chinese steel e-commerce platform Zhaogang.com is seeking the green light for a Hong Kong IPO of up to $400m, according to a banker close to the deal.
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Chinese mobile streaming platform Inke hit the road with its Hong Kong IPO on Wednesday. With strong anchor demand in the bag, it is reaching for proceeds of up to HK$1.5bn ($192.6m).
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Factors internal and external to the emerging markets are this week combining to stymie new issuance.
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Nasdaq-listed Momo this week bagged $650m from its first convertible bond, shrugging off a volatile market to close the deal multiple times covered.
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Absa Bank and Rand Merchant Bank are selling a 2.9% stake in Shoprite, the South African food retailer, as part of a derivative transaction with Christo Wiese, chairman of Shoprite and former chairman of Steinhoff International.
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