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Emerging Markets

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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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  • China pledges fresh cash for One Belt One Road (OBOR), KraneShares plans to launch Chinese bond fund, and CFOs are becoming more positive on China’s outlook.
  • Global Ports Holding, the Turkish company that owns 15 ports in the Mediterranean and further afield, has priced its London IPO just above the bottom of the range, achieving a £465m market capitalisation. The shares are trading up about 1.75%.
  • Turkey’s largest private sector bank, Türkiye İş Bankası, is due to sign a syndicated loan on Monday, which rounds up the last of Turkey’s larger financial institutions’ refinancings this spring, according to a banker on the deal.
  • Kotak Mahindra Bank closed a bumper equity raise on Friday that fetched Rp58bn ($902m), in what bankers hailed as another flagship Indian qualified institutional placement.
  • Indian state-owned Housing and Urban Development Corp has wrapped up a Rp12bn ($186.6m) IPO nearly 80x covered, following a deluge of investor demand on the final day of bookbuilding.
  • National Highways Authority of India grabbed a Rp30bn ($465.88m) five year Masala bond on Thursday, despite the offshore rupee market not getting the enthusiasm that issuers want.