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Emerging Markets

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◆ Gulf private placements bite back ◆ Bond new issue premiums rise ◆ CLOs catch a break
Business has sagged in the third quarter, but the pipeline is busy, despite an intractable war
Private bonds are now being offered in the open market wider than where public deals trade

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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.