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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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  • Bankers working on Rwanda’s second ever international bond on Monday said that the issuer was benefiting from its prudent approach to bond market borrowing, as analysts called the liability management exercise positive for the African sovereign’s debt management.
  • Hong Kong’s Securities and Futures Commission has hit UBS and its securities unit with a combined HK$11.55m ($1.5m) in fines for regulatory breaches.
  • Indian agribusiness company Adani Wilmar has filed draft documents with the securities regulator for a Rp45bn ($605.6m) IPO.
  • Indian power finance company REC, formerly known as Rural Electrification Corp, has mandated five banks for a $600m loan.
  • Korea Midland Power Co steered its $300m bond through tough market conditions on Monday, having little option but to offer investors a premium to ensure decent secondary performance of its notes.
  • US-listed hybrid electric vehicle maker Li Auto has hit the road for its Hong Kong secondary listing. The deal could raise around HK$13.1bn ($1.68bn) based on the last close of its US stock.