The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Investment banking: The new global reality

Inter-emerging markets deals are on the increase. Some global investment banks will be hard pressed to get a look-in.

Whenever investment banks talk up a new product or trend, it’s always best to be wary. But the signs are that emerging markets to emerging markets deal flow – the latest new big thing – will soon become part of everyday capital markets life.

Three big deals are in the pipeline.

The one grabbing the most headlines is the decision by Brazilian firm Vale, the world’s biggest iron ore miner, to list on the Hong Kong Stock Exchange, thus becoming the first Latin American company to do so. Vale has a market
capitalization of $164 billion and is already listed in São Paulo, Paris and New York. But Asia, especially China, is home to the most important customers for commodity companies. Vale will follow in the footsteps of Russia’s Rusal, which earlier this year became the first non-Asian firm to sell shares through the Hang Seng. Other big emerging market companies are also considering the possibility of a Hong Kong listing. Vale’s compatriot, Petrobras, might issue depositary receipts. Kazakh and South African resource companies are making noises too.

The second possible transaction is a Brazilian real-denominated international bond from Russia’s VTB. The state-owned bank is mulling over a five-year deal raising about R$500 million ($288.7

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree