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Issuance in March was never going to be hefty after a record start to the year
Government borrowing costs are rising on local and international markets, and credit ratings are falling
The sell-off since war broke out has not been huge
Data
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A bulging pipeline of business is livening up the UAE’s formerly sleepy equity capital markets, after a series of eye-catching transactions in recent weeks following the biggest IPO in the area for almost three years. -
The Republic of Benin launched its debut SDG (Sustainable Development Goals) bond in its second international offering of the year, following a two year hiatus. Market participants say although deals like Benin’s are getting over the line, concerns are brewing over the sustainability of high yield sovereigns tapping investors so freely.
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Georgia has become the latest country to signal its intention to develop a covered bond law, though given the small size of its mortgage market, issuance prospects are likely to prove limited.
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EMC, the Cyprus incorporated private healthcare company with assets across Russia, has completed a global depositary receipt listing in Moscow. The deal paves the way for more overseas incorporated companies to sell equity instruments on Moscow Exchange.
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Beijing Enterprises Water Group sold two Panda bonds in China’s exchange market this week, raising Rmb2bn ($309m).
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India’s first listing of a unicorn has started, as Zomato, a food delivery start-up, made its second day of bookbuilding on Thursday for a Rp98.9bn ($1.32bn) IPO. Droves of investors have already oversubscribed the deal, paving the way for the pipeline of technology listings to come, writes Jonathan Breen.
Sub-sections
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Sponsored by CAF – Development Bank of Latin America and the Caribbean
CAF gearing up to transform regional development
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Sponsored by Emirates NBD Capital
Emirates NBD Capital: An unrivalled conduit for Middle East liquidity
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Sponsored by European Investment Bank
European Investment Bank: Supporting sustainable development in North Africa
