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Emerging Markets

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African mobile payment provider prepares to list, seeking large valuation
Deep breath for market as more guidance, more mandates appear
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

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  • Indonesia’s Star Energy Geothermal (Wayang Windu) put together its first green bond on Tuesday after weeks of courting investors. Its $580m deal was meant to have a similar reception as the blow-out project finance trade from Paiton Energy Co in 2017, but the more difficult market backdrop posed a challenge.
  • United Overseas Bank’s subsidiary in China has printed its first bond in the country, a Rmb1bn ($159m) three year note. The Singaporean lender joins a small group of foreign financial institutions that have raised onshore funding through their China arms.
  • Philippine conglomerate San Miguel Corp and its power unit SMC Global Power are jointly seeking a $1.1bn loan to finance a $1.9bn acquisition of a power plant in the country.
  • China’s cautious approach to credit default swaps (CDS) has left the market a minnow compared with other large financial systems. Paolo Danese investigates.
  • Ping An Healthcare and Technology Co, a subsidiary of Chinese conglomerate Ping An Group, will launch bookbuilding for its Hong Kong IPO next week, according to a source close to the deal.
  • Medikaloka Hermina has hit screens for an IPO in Indonesia to raise up to Rph2.6tr ($193m) in primary and secondary proceeds.