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Emerging Markets

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◆ The threat of US corporate issuance to European borrowers ◆ The new funding environment for Middle East banks ◆ Reviving UK equity capital markets
Swiss investors retain appetite for credit as yields become more attractive
As war drags on, banks are boosting hoards of cash after deposit outflows

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  • Short-dated CNY swaps have been lightly offered and the 2s/5s NDIRS curve slope has steepened slightly. Meanwhile, the People’s Bank of China is considering expanding its reverse repo operations and its Macro Prudential Assessment reporting requirements have been tweaked, writes Deirdre Yeung of Total Derivatives.
  • Bank of Tokyo-Mitsubishi UFJ has appointed industry veteran Sanjiv Vohra as co-head of corporate banking for Asia and Oceania, luring him from Deutsche Bank.
  • Cheung Kong Infrastructure Holdings hit the market on Wednesday morning local time, marketing a new subordinated perpetual non call five fixed-for-life dollar transaction.
  • Orient Securities Company, listed and operating in Hong Kong as DFZQ, is looking to issue offshore debt, according to a filing with the Hong Kong Stock Exchange.
  • Chinese biopharmaceutical firm Zai Lab has made its plans for a $115m IPO of American Depositary Shares (ADSs) public, filing a draft prospectus with the US regulator on Tuesday.
  • China Hongqiao Group, which has been accused of alleged fraud and suspended from trading for almost five months, has struck a $1bn equity financing agreement with Citic Group Corp.