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Secondary market selling of private bonds may be wreaking havoc with the primary market for public debt but the trades were still the right thing to do
Sovereign's $3bn deal tightens well as Asian demand returns
The sovereign's public and private bonds of similar maturities are trading over 25bp apart
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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. -
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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The Republic of Ghana is taking advantage of a more stable day in emerging market currency trading to print its bond, though the country’s outstanding paper has widened during the roadshow.
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African Export-Import Bank is setting off on a dollar roadshow to market a benchmark, Reg S dollar bond with a tenor of five to seven years.
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Vingroup spun off its real estate arm, Vinhomes, in a D30.7tr ($1.35bn) equity offering this week, stunning the market with the largest listing in Vietnam’s history and in Asia this year. The spotlight has turned to the company’s use of a novel private placement-style structure that is fast becoming popular in the country. Jonathan Breen reports.
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