Morning Commentary: Emerging markets quiet to start week; Senegal on tap for Tuesday

By Rebecca Melvin

New York, March 5 – Emerging markets started the week on a quiet note after trending wider late last week.

In the primary arena, the Republic of Senegal is on the calendar for a dual-tranche offering of euro- and dollar-denominated notes. That deal was still ongoing and won’t finish before Tuesday, according to a London-based market source.

The deal, including a euro-denominated bond for up to 10 years and a dollar-denominated bond for 30 years, hit the road for investor meetings on Feb. 28.

Concurrently with the new notes, Senegal is offering to buy back up to $150 million of its $500 million of 8¾% notes due 2021. The tender deadline is Monday.

Paraguay is expected to begin investor meetings on Tuesday. It faces a tougher market environment for its potential $500 million transaction than a week ago and is expected to have to compensate investors more to get the deal done, according to market sources.

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