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Emerging Markets

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The trade is the first from a 'mid-tier' Uzbek lender
The dollar market is offering cheaper funding at the shorter end
Victoria Power Network makes first appearance in the currency

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  • Korean Housing Finance Corporation mandated leads for a euro covered bond on Thursday, to be issued under its social framework. At the same time, after this week’s trio of sterling covered bonds bankers believe there is scope for further Sonia-linked supply.
  • Philippine real estate investment trust MReit filed for IPO approval this week. It is targeting up to Ps27.3bn ($562.3m), which would make it the country’s largest Reit listing.
  • Emerging market investors took the US Federal Reserve’s indication on Wednesday that it would hike rates in 2023 in their stride, allowing Kenya to come to the bond market on Thursday.
  • South Korean video game developer Krafton has set in motion an IPO of nearly $5bn, set to be the country’s largest ever listing — and the first of many chunky deals expected in the second half of the year. Jonathan Breen reports.
  • We always hope to influence our children for the best, but it’s amazing what they pick up.
  • China’s Full Truck Alliance, an Uber-like service for trucks, launched an IPO on the New York Stock Exchange this week. It is aiming to raise up to $1.56bn.