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New LatAm deals trade tighter in secondary; big inflow puts EM funds in black year to date
By Paul A. Harris
Portland, Ore., July 13 – A pair of Latin American deals that came Thursday, breaking a LatAm issuance drought which lasted more than three weeks, traded well on Friday, according to a sellside source.
The new Dominican Republic 6% notes due July 2028 were 10 basis points tighter on Friday.
The $1.3 billion 10-year deal priced at par on Thursday, on top of yield talk, and inside of guidance in the 6¼% area, sources said.
The Cemig Geracao e Transmissao SA add-on paper to the 9¼% bonds due December 2024 were seen 30 to 35 bps tighter in Friday trading.
The $500 million tap priced at 100½ on Thursday.
Both deals payed hefty new issue concessions, market sources said.
Dominican Republic payed about 20 bps, while Cemig paid at least 30 bps to get the deals done, the sellside source reckoned.
However a source close to the Cemig trade insisted that the company got a solid execution.
This week emerging markets bond funds stanched a hemorrhage of red ink that ran for 11 consecutive weeks, according to a sellside source relating data in a weekly report from fund-tracker Emerging Portfolio Fund Research, Inc. (EPFR).
The funds saw $920 million of inflows in the most recent week, according to the sellsider.
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