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Emerging Markets

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The sovereign's public and private bonds of similar maturities are trading over 25bp apart
◆ 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

Data

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  • A $651m loan for Cairn India Holdings was launched into general syndication on Monday, with the deal divided into four portions based on the different purposes of the fundraising.
  • There was little understanding among market watchers to news that the Chinese central bank is planning to introduce a counter-cyclical component to the calculation of the daily fix of the onshore RMB (CNY). Analysts say the move contradicts earlier statements from the PBoC about giving markets more say in the exchange rate.
  • Chandra Asri Petrochemical is looking to bring a Rph6.2tr ($462.2m) rights-plus-block trade combo to the market, in what will be a liquidity event for the Indonesian firm.
  • Online gaming and media platform VNG Corp has set in motion plans for an IPO on the Nasdaq, which would make it the first Vietnamese firm to list in the US, according to a statement from the company.
  • Ecuador attracted $4.2bn of orders on the way to a $2bn bond sale on Tuesday as bond investors continue to lap up the small South American country’s hefty debt issuance.
  • Credit Suisse and United Overseas Bank have become the latest lenders to be penalised by the Monetary Authority of Singapore for breaches related to scandal-hit Malaysian sovereign wealth fund 1MDB.