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Emerging Markets

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The break in primary maret activity has now lasted longer than the one that followed the 'liberation day' US tariff announcement last April
International banks still hiring
Borrowers from the Gulf region have a track record of remarkable primary market prints

Data

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  • Hong Kong department store chain Lifestyle International Holdings returned to the debt market this week after a two-year break to raise $350m.
  • Two Indian companies will be testing investor appetite for their IPOs on Monday next week, as the country continues to battle a recent surge in Covid-19 infections.
  • Russian potash fertiliser producer Uralkali has entered the syndicated loan market to raise a pre-export finance facility, according to loan bankers. The facility garnered a strong response from lenders, as they hunt for assets in a bare pipeline.
  • Saudi Aramco, the world’s largest oil company, entered the Sharia-compliant bond market for the first time on Wednesday, with what market participants called a tool for investor diversification. Proceeds from the capital raising are expected to fund Aramco's $75bn dividend.
  • Kaisa Group Holdings battled a volatile market for Chinese high yield issuers on Tuesday when it kicked off a $280m tap, as news around banks’ exposure to peer property credits rattled investors.
  • Vietnamese education company Nguyen Hoang Group is making its offshore loan debut with a $62m deal.