CEEMEA region eyes two deals so far this week; Chile’s Falabella prices; EM spreads stable

By Rebecca Melvin

New York, Oct. 23 – Central & Eastern Europe, Middle East and Africa region market players on Monday were eyeing two deals on the calendar, including Abu Dhabi Crude Oil Pipeline LLC’s $3 billion of notes and Arab Petroleum Investments Corp.’s planned five-year dollar sukuk.

Both deals are on roadshows, with the earliest pricing of the Abu Dhabi notes seen Tuesday or Wednesday or even next week, a London-based source said.

In the Latin America region, Chile’s SACI Falabella priced $400 million of 10-year notes on Monday afternoon with a 3¾% coupon and reoffered at 98.972 to yield 3 7/8% or a yield spread of 150 basis points over U.S. Treasuries.

Pricing came at the tight end of guidance following a three-day roadshow that concluded on Friday. HSBC, JPMorgan and Santander were joint bookrunners of the Rule 144A and Regulation S notes.

Elsewhere, emerging markets were fairly quiet, while spreads remained broadly steady.

Central bank policy developments are in view, including U.S. president Donald Trump’s pick to be the new chair and vice chair of the Federal Reserve.

In addition, the next meeting of the European Central Bank is scheduled for Thursday, in which the bank may decide to reduce QE bond buying but also lengthen the program by six to nine months.

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