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Emerging Markets

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Victoria Power Network makes first appearance in the currency
Missile alert stunted flow, but pricing still the main barrier
Pair bring first public non-bank deals from GCC since the start of the Iran War

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  • Central banks’ control was once limited to financial matters — they squatted in the corner, largely unseen. Now, they are stars in the drama — active, talkative stewards of the economy. Society looks to them to solve its problems; not to synch with government, but to make up for its deficiencies.
  • The impact of the allocation of new IMF Special Drawing Rights (SDRs) on the most stressed developing economies could depend on whether a politically sensitive proposed reallocation of the assets from wealthier nations to vulnerable ones is successful. And though the new SDRs may reduce sovereign bond issuance, particularly in sub-Saharan Africa, not all investors believe there will be a notable effect on EM debt.
  • SRI
    Central banks are promoting a set of climate scenarios that may encourage banks to continue financing fossil fuel expansion when they should be shutting it down, according to an NGO — highlighting the immense influence central banks could have on climate policy.
  • CEE
    Central and eastern European telecoms provider PPF Telecom has clinched the support of its noteholders for amendments to its bond documentation that will grant it greater flexibility to acquire assets.
  • Mining company Gran Colombia Gold Corp sold a senior unsecured $300m five year note on Wednesday, with bankers saying that the company had offered a pricing pick-up that could be attributed to the use of proceeds — to fund a new project in Guyana.
  • Mainland-based Xinte Energy Co raised HK$1.03bn ($132m) on Wednesday by selling a block of new H-shares, its debut equity issue.