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Meanwhile, LatAm sovereign announces mandate for a multi-tranche deal that could come next week
Sovereign closed 'remarkable' deal despite US Treasury pricing drama
Big, volatile week in EM raises questions around fair values

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  • Netmarble Games produced South Korea’s largest IPO in seven years last week, in a deal many are hailing as a shining light for Asian ECM. But the optimists should be realistic about Korea. The success of the game maker’s W2.7tr ($2.4bn) IPO is an isolated case and unlikely to lead to a revival in domestic listings.
  • The Philippines' Chelsea Logistics Corp has filed a preliminary prospectus to raise up to Ps8bn ($161m) via an IPO.
  • South Korean budget airline Jin Air is planning to raise at least $200m from an IPO in 2017, according to a source close to the deal.
  • India’s HPCL-Mittal Energy (HMEL) took centre stage on Monday, selling the only international bond from Asia ex-Japan. The 4x covered deal benefited from support from state-owned HPCL, with the bonds trading up by 50 cents in the secondary market.
  • The top lending group for a dual-tranche borrowing by Vedanta Group has shrunk after one bank dropped out of the syndicate to tie up its portion of the financing bilaterally.
  • Indian lender Axis Bank has promoted its international loan syndications head to lead the operation globally, according to sources.