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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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  • Commodities trader Noble Group decided not to repay a $379m bond that matured this week, triggering an event of default. But the latest development got little reaction from the market, as the company has long been in the process of restructuring almost $3.4bn of debt.
  • Hong Kong-listed New World Development has converted a loan signed in March 2016 into a green loan, a first of its kind for the company and in line with its plan to promote sustainability across its business.
  • China’s regulators have floated the idea of using Chinese Depository Receipts (CDR) to attract the mainland’s new economy giants to list on the home market — a big step in the right direction if China wants to win the returning business of its foreign listed technology firms. But with rules around the issuance still in the works, focusing on small names may reap big rewards.
  • An official with the Shanghai Stock Exchange (SSE) has slammed a much-discussed plan to link the Mainland and Hong Kong primary equity markets.
  • Thailand’s Ratchaburi Electricity Generating Holding Public Co (Ratch) made a rare appearance in the debt market on Tuesday, raising $300m at a tight price thanks to its scarcity appeal.
  • Qatar Investment Authority pocketed HK$5.2bn ($663.5m) on Tuesday from a simultaneous sell-down in Hong Kong-listed Lifestyle International Holdings and Lifestyle China Group.