Morning Commentary: EM primary tightens; Ukrexim pricing lifts during marketing; Slovenia on tap

By Rebecca Melvin

New York Feb. 27 – Emerging markets saw a few new issues in the market on Tuesday but with pricing that was a bit more expensive than at the beginning of the year.

“The market is fine. It’s not bullish; it’s not bearish. New issue deals can get done, but people are paying up a little bit,” a London-based market source said.

The State Export Import Bank of Ukraine (Ukrexim) was talking an offering of three-year Ukrainian hryvnia-denominated notes, settled in U.S. dollars, early Tuesday. But contrary to the recent trend, price guidance tilted higher during marketing rather than being revised lowered.

Price guidance for the notes was revised to 16¼% to 16½% from initial talk in the 16% area, according to a market source.

JPMorgan and Citigroup are joint bookrunners for the deal.

Also in the region, Slovenia mandated banks for a triple tranche tap that was expected to price subject to market conditions.

Slovenia plans to boost the issue size of its 1% euro notes due 2028, 1½% euro notes due 2035 and 3 1/8% euro notes due 2045.

Barclays, Deutsche Bank, Goldman Sachs International, HSBC and JPMorgan are leading the Regulation S transactions.

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