Macedonia prices; ‘business as usual’ despite higher oil prices; LatAm calendar slimmer

By Rebecca Melvin

New York, Jan. 12 – The emerging markets finished out a strong week on Friday as U.S. stock prices pressed up again and oil recovered from early weakness, but Treasury prices slipped.

“It was a pretty strong week, and it’s likely going to be a record month of issuance,” a New York-based market source said.

There are fewer deals on the calendar for the holiday shortened week in the United States next week.

“We expected to come back from a long weekend to continued strength in the market,” a New York-based syndicate source said.

There was talk of Qatar, Abu Dhabi 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,” the source said.

In nearby Central & Emerging Europe, Macedonia priced €500 million of 2¾% seven-year notes to yield 3%.

For next week, Mexico’s Unifin Financiera, SAB de CV Sofom ENR is on the calendar with a planned offering of up to $250 million of subordinated perpetual notes, and Hidrovias do Brasil SA is roadshowing dollar-denominated seven-year notes through Tuesday.

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