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Bank of Georgia sets roadshow; volatility dents last week’s buying spree in EM bonds
By Paul A. Harris
Portland, Ore., July 5 – Emerging markets debt continued to tick along amid global capital markets volatility on Tuesday, according to a trader.
Given what has been happening in Europe, emerging markets continues to benefit from being a place where investors can put cash to work and still get some sort of yield, the source said.
The market was a bit more balanced on Monday, as opposed to last week in the run-up to the extended holiday weekend, when there were strictly buyers.
Quiet pervaded the primary market on Tuesday, with participants returning from the holiday weekend.
Bank of Georgia plans to start a roadshow on Wednesday for a possible $400 million offering of notes (B1//BB-) pending market conditions, according to a market source.
BofA Merrill Lynch and JPMorgan are the joint bookrunners.
The Tbilisi, Georgia-based bank plans to use the proceeds to fund a tender offer for its 7¾% notes due 2017. The tender offer expires on July 14.
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