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Most of the demand came from local investors, as one banker expected
Price was 'way off' fair value, according to a source on the deal
Issuer closes its first overseas trade since Moody's downgrade in May
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Vietnam’s Masan Group Corp, an investment holding company operating in the food and beverage and consumer retail industries, has increased its borrowing to $350m after receiving strong response from 23 banks during syndication. -
As emerging market IPOs continue to draw investors into countries many have never invested before, Turkey remains an obvious absentee. The country could be an EM equity giant but political decisions by its government continue to hinder Turkish businesses.
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The shock sacking of Turkey’s third central bank governor in two years confirms to investors that the country lives in a world of its own — one in which central bank independence and fiscal prudence come second to the ideologies of the leader.
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A number of sub-Saharan African sovereigns are eyeing the Eurobond market, after a year that saw dismally low levels of capital markets issuance from the region. But investors are still on the hunt for yield, market participants say, which can be found in abundance in Africa.
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A steady flow of emerging market IPOs has continued to excite equity investors in EMEA and on Tuesday, several new listings moved closer to completing stock market flotations. The continued flow of emerging markets deals shows that ECM investors are willing to look further afield for strong growth profiles.
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A handful of bond mandates from the CEEMEA region this week suggests that issuer confidence may be on the rise across emerging markets after a particularly turbulent period of sell-offs in US Treasury bonds.
Sub-sections
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Sponsored by CAF – Development Bank of Latin America and the Caribbean
CAF gearing up to transform regional development
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Sponsored by Emirates NBD Capital
Emirates NBD Capital: An unrivalled conduit for Middle East liquidity
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Sponsored by European Investment Bank
European Investment Bank: Supporting sustainable development in North Africa
