Morning commentary: Gazprom, Venezuela’s CAF pricing deals; spreads slightly wider

By Rebecca Melvin

New York, Feb. 6 – Russia’s PJSC Gazprom was talking a benchmark-sized issue of seven-year dollar-denominated notes to yield in the area of 5 3/8% on Wednesday, and Venezuela’s Corporacion Andina de Fomento (CAF) fixed its pricing on its three-year dollar global notes at mid-swaps plus 72 basis points, according to market sources.

The pricing window for Russian issuers, and Central and Eastern European issuers in general, has opened up since last month when the United States lifted sanctions on Moscow-based aluminum company United Co. Rusal plc.

In the secondary space, spreads shifted a bit wider but the market is in good shape generally, a London-based trader, focused on the Middle East and Africa region, said.

MENA new deal supply was lacking owing to the quieting effect of the Chinese New Year holiday, the trader said. “But hopefully [there will be] some next week.”

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