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Emerging Markets

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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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  • Indian real estate company Lodha Developers is preparing to raise up to $562m from the primary portion of its planned IPO, according to a draft red herring prospectus filed on Thursday.
  • Indonesia’s Wijaya Karya Realty is building books until mid-next week for an IPO of as much as Rph3.2tr ($230m).
  • The debt market in Asia ended the week on a muted note, with both investment grade and high yield dollar spreads widening amid a rise in US Treasury yields. The primary bond market was also quiet with no international issuance on Thursday and a lone Chinese issuer collecting bids on Friday.
  • The Central American Bank of Economic Integration (Cabei) was back in Taiwan’s Formosa market on Friday with a renminbi-denominated bond, more than 18 months since its last renminbi-denominated issuance.
  • Three firms have submitted their listing applications in Hong Kong as the city’s IPO filing season goes full steam ahead.
  • South Korea’s SK Lubricants has withdrawn its up to W1.6tr ($1.5bn) IPO after failing to get the desired valuation, according to a filing with the country’s financial regulator on Friday.