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Emerging Markets

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Borrowing costs for Gulf issuers are already falling since Sunday's announcement
International Finance Corp’s drive to introduce development finance to the CLO market is advancing. Its second deal of $509m had more investors, more tranches and better pricing, supporting its rapid growth
Investors were eager to tender their bonds despite initial resistance

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  • CEE
    Rating: B2/B+/BB-
  • CEE
    The Republic of Turkey demonstrated its access to international markets this week with a four times oversubscribed sukuk. But the deal does not represent an access-all-areas pass to the capital markets for the borrower, following a turbulent period that has seen little change to appease investors, writes Mariam Meskin.
  • 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.