EM primary poised to slow; Croatia trades up; Nigeria on tap; ISDA decides on Venezuela

By Rebecca Melvin

New York, Nov. 17 – The pipeline for the Central & Eastern Europe, Middle East and Africa region was shaping up to be pretty quiet next week ahead of the U.S. Thanksgiving holiday, market sources said.

But Nigeria was expected to bring a deal, subject to market conditions, on Monday following a roadshow that was wrapping up on Friday for 10-year and 30-year dollar-denominated eurobonds.

Also Mexican lender Credito Real SAB de CV Sofom ER was on the calendar for a $230 million offering of subordinated perpetual notes.

Meanwhile, the primary remained active on Thursday and Friday. Croatia’s newly priced 2¾% notes due Jan. 27, 2030 were “trading up nicely” on Friday after the sovereign priced €1,275,000,000 of the long 12-year paper to yield mid-swaps plus 190 basis points, a London-based market source said.

The new Croatia bonds were seen at 99.05 bid, 99.45 offered, which was up from the reoffer of 97.943.

In Latin America, the city of Buenos Aires priced $403 million equivalent of Argentine peso-denominated floating-rate notes at par to yield 29% initially late Thursday.

Investors of Venezuela and Petroleos de Venezuela SA may have credit default insurance pay out after the Americas credit derivatives determinations committee of the International Swaps and Derivatives Association decided that there was a failure to pay credit event in respect to both issuers.

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