Morning Commentary: EM primary mostly quiet; CK Infrastructure prices $500 million deal

By Rebecca Melvin

New York, Aug. 17 – The emerging primary market was mostly quiet early Thursday, but there was a Regulation S deal priced by China developer CK Infrastructure Holdings Ltd. for $500 million of perpetual capital securities.

The CK deal was issued by Phoenix Lead Ltd., and the securities have a 4.85% coupon and are non-callable for five years.

Elsewhere, the Central & Eastern European, Middle East and Africa regions were quiet in the primary, a London-based market source said.

Global stocks were down and U.S. Treasuries were mixed after the European Central Bank released minutes from its July 19-20 meeting.

Like the minutes of the U.S. Federal Reserve open market policy meeting minutes released on Wednesday, ECB policy makers expressed concerns about weak inflation rates. They were also concerned about the euro becoming too strong and decided against a change in forward guidance that might have pushed the currency any higher.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.