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As war drags on, banks are boosting hoards of cash after deposit outflows
Just getting a deal done should be considered a success
Deals in the past fortnight have been solid but US Treasury yields are volatile and rising
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Dubai healthcare group Aster DM Healthcare has signed a $295m facility with nine banks, despite concerns that its operations in Qatar would complicate syndication of the debt. -
Saudi Arabia is having a good week — finally allowing women to drive, albeit not until June 2018, and bookbuilding for a third jumbo international bond. But investors are praying the sovereign does not step on the accelerator too hard and leaves some spread on the table to ensure performance, after a poor week for EM new issues.
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Singapore-based V3 Group, which operates in the luxury lifestyle and wellness markets, began pre-marketing a potential $400m Hong Kong IPO this week, said a banker close to the deal.
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EM investors are nervous: only one of the new emerging market sovereign bonds issued in the last two weeks is trading above par and now Saudi Arabia has opened books on what is likely to be a third jumbo transaction.
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Far East Horizon has returned to the international loan market after a gap of two years for a $500m deal, and is paying a margin that is about half of what it offered last time.
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The largest Indonesian IPO in years was dealt a blow when Garuda Maintenance Facility AeroAsia (GMF) was forced to take a knife to its Rph3.2tr ($245.5m) trade. The pipeline for new listings in the country is now in a state of flux, despite looking much brighter only a few months ago. John Loh reports.
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Sponsored by CAF – Development Bank of Latin America and the Caribbean
CAF gearing up to transform regional development
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Sponsored by Emirates NBD Capital
Emirates NBD Capital: An unrivalled conduit for Middle East liquidity
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Sponsored by European Investment Bank
European Investment Bank: Supporting sustainable development in North Africa
