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  • India’s surprise rating upgrade at the end of last week is expected to encourage more of the country’s issuers to head to the international bond market. But while state-owned enterprises are set to see their funding costs drop, many are unclear about the benefits to what they consider an already upbeat market. Morgan Davis reports.
  • The dollar tranche of Ülker’s second loan of the year has been priced 20bp tighter than on its first loan of 2017, suggesting the market is swinging in Turkish borrowers’ favour as political noise in the country quietens down.
  • Shandong International Trust is set to be a test case for international investor interest in Chinese trusts, as it readies the first such IPO on the Hong Kong Stock Exchange. The sector’s opaque nature will pose a challenge, but if the company pulls off a successful listing, it will open the doors for others to follow, writes Jonathan Breen.
  • Chinese local government financing vehicles Binhai Investment Company and Qingdao City Construction Investment (Group) took advantage of their investment grade credentials to raise a collective $1.1bn from bonds on Wednesday.
  • Times Property Holdings sealed a $300m deal on Wednesday in a market that continued to prove difficult, while Orient Securities raised $500m from a 2022 bond to keep its investor base alive.
  • Yankuang Group Company has become the only issuer from Asia ex-Japan to venture into the dollar market on Thursday, a US holiday for Thanksgiving. But many other Chinese issuers are waiting in the wings, with a flurry of mandates announced.