Morning Commentary: Emerging markets see sellers; PT Medco Energi prices $300 million of notes

By Rebecca Melvin

New York, Aug. 10 – Emerging markets were pretty heavy and well offered early Thursday as global stocks sold off and safe-haven assets like U.S. Treasuries rose amid ongoing nervousness over heated rhetoric between the United States and North Korea.

Spreads widened for many regions, with Egypt sovereign credit widening out 12 basis points to 14 bps, Oman widening 5 bps and Qatar wider by 3 bps to 5 bps.

Exchange traded funds were seeing selling.

In the primary arena, Indonesia oil company PT Medco Energi Internasional Tbk. priced $300 million of 8½% eight-year notes to yield 8¾%. The notes priced tighter than initial talk for a yield of 8 7/8%.

The securities were priced via bookrunners Citic Bank, Credit Suisse and JPMorgan, and they are non-callable for three years.

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