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A double digit premium to the dollar curve lured in overseas buyers, who took a 'large chunk' of the bonds
Investors have lots of cash and are eager for new issuance
Investors are keen for new bonds and better rated borrowers may not want to issue in numbers
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Discussions around the co-existence of two renminbi markets, one onshore and one offshore, are once again picking up pace, market participants told GlobalRMB. It will be up to China’s central bank to clean up the mess once and for all. -
No Latin America companies issued and just one announced bond plans this week as an EM currency slump sent shivers through the market, but investors said the market was far from shut.
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Argentinian president Mauricio Macri’s politically bold but economically astute move to approach the IMF for financing lifted bond prices on Thursday, but markets are continuing to digest a shock period of volatility that has caused drastic reassessments of emerging market debt’s standout story in recent years. Olly West reports.
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Vodafone's agreed takeover of Liberty Global's Unitymedia business in Germany and assets in the Czech Republic, Hungary and Romania for an enterprise value of €18.2bn could set off a wave of other deals in Europe's telecoms market, especially in the UK.
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The global pressure on emerging markets, triggered by a multitude of factors but most obviously a rapidly strengthening dollar, has been felt across the asset class. The most notable casualty in equities has been Turkey, which at the beginning of 2018 was expected to produce a bumper crop of IPOs this year.
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Investors in emerging market assets have been caught short in the past fortnight, with many wrongly positioned for the rising dollar. The sharp fall in EM asset prices has caught many by surprise, but if two weeks of pain has taught them anything, it is that passive investing is not a good idea.
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