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Emerging Markets

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Despite rough market conditions and angst over rates, array of deals have been well taken
It is difficult to see issuance conditions growing much better in the foreseeable future
Société Générale and Standard Chartered provided euro and yen tranches respectively in first World Bank-backed transaction involving the Japanese currency

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  • A-Living Services Co plans to raise around HK$4.7bn ($605m) in a Hong Kong IPO, on the back of strong indications of interest from investors.
  • Korea Southern Power Co (Kospo) has priced the first public dollar bond from South Korea amid a US government shutdown. But the 144A deal saw little fallout from that. Easing tensions on the Korean peninsula, the quality of its credit and demand for short-dated paper ensured investor interest.
  • Komodo bonds — offshore Indonesian rupiah bonds — are finally sputtering into life. This week, the second such deal by an Indonesian company has shown their potential. But don’t count your dragons before they hatch. The market will always be limited — and that’s a good thing.
  • China Houze Group, a non-bank financial company, has embarked on its maiden offshore loan syndication with the help of International Finance Corp.
  • Citi has lost a veteran banker who was in charge of the south Asia equity capital markets business, according to sources close to the move.
  • Cloud-communications service provider Route Mobile set the ball rolling for its IPO on Monday, filing a draft red herring prospectus with the Indian securities regulator.