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Emerging Markets

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  • The Republic of Ghana brought innovation to the emerging market bonds this week, by selling Africa’s first zero coupon international deal. But the “risky” trade ignited debate among bankers and investors after it attracted a smaller order book than expected and required generous pricing as debt sustainability concerns swirled.
  • South Korea’s SK IE Technology (SKIET) has begun work for its up to W2.29tr ($2.03bn) IPO, after getting preliminary approval to list from the Korea Exchange on Tuesday.
  • Demand in Hong Kong’s IPO market is cooling after a scorching start to the year. This week combined secondary turbulence, disappointing debuts from three new listings and heavy selling of Chinese technology stocks. Investors are turning cautious, reports Jonathan Breen.
  • The Republic of the Philippines sold its first zero-coupon bond in the Japanese market this week.
  • Huatai Securities Co was back in the dollar market on Tuesday, marketing a dual tranche transaction more than a year after its last dollar sale.
  • AIA Group sold its second tier two dollar bond on Tuesday, coming to the market after Hong Kong's new issuance regulations came into effect.