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Emerging Markets

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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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  • CEE
    Turkey took €2.5bn of orders for its new euro trade on Wednesday, which bankers said was a strong showing despite the fact that market volatility and Turkey’s involvement in the Qatar crisis meant that the issuer did not print at the tight end of guidance.
  • HRnetGroup priced its S$174m ($126m) Singapore IPO at the top of the indicative range on Thursday as investors bought into its “phenomenal entrepreneur story”, said bankers.
  • Optoelectronic display manufacturer Tunghsu Group Co wrapped up its inaugural offshore deal on Wednesday, finding support from domestic and international accounts, despite operating in a relatively unfamiliar industry.
  • State Bank of India, which wrapped up a $500m syndication with 21 lenders this week, is already eyeing a new borrowing of about the same size, said bankers.
  • We’ve all had our moments of celebrating a bit too hard and imbibing a tad too much. Normally, the worst that happens is a rough morning in the office the next day. But for a friend of mine, a few cheeky drinks proved disastrous.
  • Fosun International-backed Sisram Medical is looking to list in Hong Kong for around $200m, filing a draft prospectus on Wednesday.