Primary hosts Icici; investors focus on Trump, TDB; Kuwait, Marfrig, Evraz plan issues

By Christine Van Dusen

Atlanta, March 2 – India’s Icici Bank Ltd. sold notes on fairly strong Thursday for emerging markets assets as investors digested President Donald Trump’s speech and kept an eye on Eastern and Southern African Trade and Development Bank (TDB).

“Trump’s speech and the renewed confidence in the U.S. economy after all sparked a global risk-on, with the positive sentiment in stock markets swapping over in today’s market,” a London-based analyst said. “EM credit in the meantime is holding fairly well despite Trump’s speech and recent Fed-speak on a potentially imminent rate hike in mid-March. Markets are hoping for more clarity tomorrow when [Federal Reserve Chair Janet Yellen], among other policymakers, is scheduled to hold a speech.”

In deal-related news, Kuwait planned a roadshow and two issuers – Brazil’s Marfrig Global Foods SA and emerging markets-focused Evraz Group SA – sought issuance.

In trading, Oman’s new $5 billion notes due 2022, 2027 and 2047 were very active on Thursday, a trader said.

The $1 billion 3 7/8% five-year notes priced at 99.488 to yield 3.989%, or mid-swaps plus 190 basis points, following talk of 215 bps.

The $2 billion 5 7/8% 10-years priced at 99.618 to yield 5.425%, or mid-swaps plus 300 bps, following talk in the 245 bps area.

And the $2 billion 6˝% 30-years priced at 99.360 to yield 6.549%, or mid-swaps plus 387.5 bps. Talk was set in the 425 bps area.

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