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◆ Gulf private placements bite back ◆ Bond new issue premiums rise ◆ CLOs catch a break
Business has sagged in the third quarter, but the pipeline is busy, despite an intractable war
Private bonds are now being offered in the open market wider than where public deals trade
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Pharmaceutical company China Medical System Holdings has signed a $300m three year fundraising with a single lender. -
It is tale of the haves and have nots in EM this week as Argentina’s surprise 100 year bond received a $10bn book but Nigeria’s diaspora bond underwhelmed and prompted a widening of the sub-Saharan African sector.
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Eris Lifesciences is set to price its Indian IPO at the top of guidance to raise Rp17.4bn ($269.3m), after books closed multiple times subscribed, according to a banker on the deal.
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Gome Electrical Appliances Holdings priced a tap on Tuesday, adding $100m to the original $400m notes on the back of 6x demand. Investors’ eagerness for paper allowed the issuer to price inside both its existing notes and secondary.
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The MSCI's decision to include A-shares in its emerging market index will drive capital inflows to Chinese equities not just from index trackers but also from active fund managers. But some warn that the pace of investments could be threatened by shrinking offshore RMB (CNH) liquidity.
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Chinese resource-based energy company Brightoil Petroleum (Holdings) pulled what could have been its debut international bond on Tuesday — the second borrower to cancel a deal recently — as heavy high yield supply as a result of two potentially huge exchange offers, as well as the underperformance of recent paper, weighed on investors’ minds.
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Sponsored by CAF – Development Bank of Latin America and the Caribbean
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Sponsored by European Investment Bank
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