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Secondary market selling of private bonds may be wreaking havoc with the primary market for public debt but the trades were still the right thing to do
Sovereign's $3bn deal tightens well as Asian demand returns
The sovereign's public and private bonds of similar maturities are trading over 25bp apart

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  • The Export-Import Bank of Korea (Kexim) offered European investors a rare euro deal from a Korean credit on Monday, securing a solid trade despite a tense political backdrop.
  • India’s divestment body has set the pitching schedules for bidders on the IPOs of state-owned Rail Vikas Nigam (RVNL) and Rites, according to announcements on its website.
  • Iron and steel company Metallurgical Corporation of China raised $500m from the sale of its three year bond on Monday, after enthusiastic investors flocked to the deal.
  • African agriculture conglomerate Export Trading Group (ETG) has approached the loan market for a borrowing of up to $100m.
  • The first IPO of an Indian state firm in five years met with roaring approval from investors, as Housing and Urban Development Corp’s (Hudco) success in primary spilled over into its trading debut. Books were nearly 80x covered and the stock has surged as much as 30%. But it would be a mistake to read too much into the deal.
  • Beijing Gas Group Company and China Construction Bank (Hong Kong) have opened books for a fixed five year bullet and a three year floater, respectively.