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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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The Republic of Ghana was set to price its dollar dual tranche bond as GlobalCapital went to press on Thursday evening, having picked a phenomenal day for a deal, with the bonds of several African sovereigns bouncing two points. -
The last two weeks have been the toughest in recent memory for emerging market bond investors who have seen their assets in local currencies and dollars alike take a hammering amid the collapse in the Argentine peso and Turkish lira.
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There is a stereotype of the staid investment banker, taking himself far too seriously, as obsessed with the numbers as he is with his perfectly-coiffed haircut. But the truth is that the industry attracts its fair share of oddballs, rogues and plain old geeks.
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JP Morgan's launch of an environmentally and socially conscious version of its EMBI index is well timed, as fund managers realise that dodgy morals can lead to shabby financial statements.
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Avast, the Czech cybersecurity firm, closed a well-covered book for its IPO on Wednesday at what bookrunners said was an attractive price, but the stock traded down on its first day.
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ZTE Corp’s travails have taken a toll on the Chinese telecommunications firm and its bank lenders, with the company seeking a waiver after a covenant breach on a $450m loan. Despite the Chinese government throwing its weight behind ZTE, smaller lenders in the syndicate are worried about the ramifications, writes Pan Yue.
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