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International investors take most of the book for the first time as Zabłocki's investment firm says it expects to make no further sales
Centralisation, competitiveness and cyber-risk will be political flashpoints
Singapore's BW LPG brings $300m deal to build eight new ships
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Argentina’s return to international bond markets this year broke many records, and its after-market performance has been equally stunning. It has also changed investors’ concerns. Previously preoccupied with court rulings, an unpredictable government, legal technicalities and a curve comprising an assortment of complex instruments, bondholders now are looking at more conventional credit issues and can enjoy a normalised dollar curve with several liquid points. The buyside is now assessing inflation and inflation expectations, GDP growth and FDI, and — crucially — progress on the fiscal deficit.
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Luis Caputo had been head of LatAm trading at Deutsche Bank and JP Morgan, but he’d never done a deal as important as the one facing him at the start of 2016. Few — if any — bankers ever do. Argentina’s finance secretary, known in the market as “Toto”, led the nation’s negotiations with holdout creditors, achieving a faster and cheaper resolution than most expected. This has left Caputo confident that the government will be able to do just as good a job in tackling the outstanding issues facing the economy.
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Mauricio Macri’s government is having to find a fine balance between fiscal consolidation and suffering too much short term economic and political damage. Markets appear willing to finance gradual change, and economists back the government’s strategy, but improvements need to come quickly.
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Doosan Bobcat has wrapped up its second attempt at an IPO, closing a W900bn ($788.0m) deal after seeing a strong turnout from institutional investors. -
Zhou Hei Ya International Holdings Co raised HK$2.5bn ($321.8m) after pricing its Hong Kong IPO towards the bottom of the indicative range last Friday.
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Italy’s largest domestic bank, Intesa Sanpaolo, saw non-performing loan inflows slow to the lowest rate ever in the third quarter, though operating margins drooped as the bank paid more to service bad loans.
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