For the last day of the week we didn’t see any new primary, however overnight we pricing on the Philippines $ benchmark dual tranche, with the 10y at T+90bp and the 25y at 5.9%. We had fair value estimates at the time of +80bp and 5.8% respectively. Korea Development Bank also priced; the new deals more or less coming on the liquid curve. The 3y came with an IPT of MS+58a and the 5y at MS+77a, we said it should price a few bp wide to the curve, but that proved to be too generous, with final pricing at ms+57bp and +76bp respectively.
In terms of news flow, we are starting to ramp up on the Q4 and FY numbers. Notably today we had Adani Green Energy, which optically reported a large rise in net income (+92% YoY), but excluding one-offs operating profits were the same as the previous year. LG Energy also reported today, but on the back of preliminary numbers a couple of weeks ago, the main point of interest was a substantial cut in capex (-20-30%) to support its financial profile.
Finally, we saw Kia Motor report numbers a little weaker than consensus for Q4, but worth noting that for 2005, it expects margin compression.
