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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

Data

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  • CEE
    Turkey’s credit metrics took another hit this week after contradictory statements on interest rates from president Recep Tayyip Erdoğan and central bank governor Şahap Kavcıoğlu. Market participants said the environment for foreign investors is rocky, and any new sovereign Eurobond would have to offer a "big premium".
  • An unnamed shareholder has raised HK$2.65bn ($341m) from a sale of shares in Evergrande Property Services Group, sending the stock into a downward spiral on Wednesday.
  • Aluminium producer China Hongqiao Group has raised $500m from a bond that appealed to investors for its ‘surprisingly generous’ premium on offer.
  • Medical device maker MicroPort Scientific Corp has made its first visit to the equity-linked market, raising $700m from convertible bonds. A recent rally in the Hong Kong-listed issuer's share price meant it had to assuage price-sensitive investors, but still ended up seeing strong support for its deal.
  • Zhenro Properties Group visited the offshore bond market for the fourth time in 2021 this week, adding another $340m to its coffers.
  • China State Construction International Holdings (CSCI) sold a subordinated perpetual bond worth $500m this week.