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Emerging Markets

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Primary needs stability, on top of any peace deal
◆ What strikes on energy infrastructure in the Middle East mean for emerging market bonds ◆ Why issuing in dollars has become so dicey for supranationals and agencies ◆ Europe’s advantage in the private credit meltdown
Bonds of energy importers have sold off, but investors convinced fundamentals are still strong

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  • Segezha, the Russian paper and pulp company, has set a price range on its IPO despite the growing pressure faced by Russian companies as hostility between the country and the US increases.
  • China Gas Holdings has kicked off a top-up share placement, eyeing up to HK$12.05bn ($1.55bn), according to terms seen by GlobalCapital Asia.
  • Chinese financial technology platform Futu Holdings has raised $1.24bn from a follow-on offering of its American depository shares (ADS). The issuer was able to navigate volatile markets thanks to support from a large global fund.
  • Kaisa Group Holdings paid a new issue concession of about 10bp for a $200m tap of one of its existing deals, appealing to investors amid recent pressure on Chinese bonds in the secondary market.
  • Goldman Sachs has picked a new co-head for its investment banking division in China, according to an internal memo.
  • China National Chemical Corp (ChemChina) is raising multiple bilateral loans worth about $3.85bn to refinance a deal maturing in early May, ditching syndication in favour of one-on-one agreements with banks. But while the cost benefits may be appealing, such an approach by borrowers is unlikely to be sustainable in the longer run. Pan Yue reports.