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EM debt improves slightly; DP World brings more than $3.3 billion bonds in four tranches
By Rebecca Melvin
New York, Sept. 19 – Emerging market debt was marginally better on Wednesday with names like Petroleos Mexicanos SAB de CV seeing slight gains amid gains in both U.S. stocks and Treasury yields.
Pemex’s 6¾% notes due 2047 were last 93 on Wednesday compared to 92.85 late Tuesday. That puts it in the middle of its recent range.
In the primary market, there was about $3.3 billion equivalent of new bonds for the Middle East and Africa region. Dubai’s DP World Ltd. priced the new paper in four tranches of bonds in multiple currencies on Tuesday. But the amount of new issuance remains below expectations, according to a market source.
DP World priced a $1 billion 10-year sukuk, or Islamic bond, at par with a coupon of 4.848%, or a spread of mid-swaps plus 175 basis points.
Order books were in excess of $2 billion for the sukuk.
There was also $1 billion of 5 5/8% 30-year notes that priced at 98.928 for a yield of 5.7%.
A €750 million tranche of 2 3/8% eight-year notes priced at 99.089 to yield 2.502%, or a yield spread of mid-swaps plus 170 bps, and a £350 million tranche of 4½% 12-year notes priced at 98.897 for a yield spread of Gilts plus 270 bps.
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