Morning Commentary: Macedonia prices; business as usual despite higher oil prices, lift in rates

By Rebecca Melvin

New York, Jan. 12 – The emerging markets continued to hum efficiently as U.S. stock prices continued to climb amid a slip in Treasury and oil prices early Friday, market sources said.

There is market talk of Qatar and Saudi Arabia coming with deals on the heels of the $6.5 billion triple-tranche deal priced by Oman this week, a London-based market source said.

Despite higher oil prices that were expected to curb oil-producing countries’ appetite for debt capital markets, it “seems business as usual.”

In nearby Central & Emerging Europe, the Republic of Macedonia priced €500 million of 2¾% seven-year notes to yield 3%, and in Latin America, four notable deals priced on Thursday.

Among them, Mexico’s Nemak SAB de CV priced $500 million of seven-year notes despite fears that reared up surrounding the renegotiation of the North America Free Trade Agreement on Wednesday.

Pricing came at the tight end of guidance for the Mexican auto parts manufacturer’s Rule 144A and Regulation S deal.

Meanwhile Rede D'Or Sao Luiz SA made a cross-border debut with its pricing of $500 million of 4.95%, 10-year notes at par. The Brazilian hospital owner and operator was able to notch a 10-year benchmark, when a seven- to 10-year note had been talked.

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