Roadshow calendar for EM debt grows to include Invepar, Mogo; Saudi Arabia spreads widen

By Rebecca Melvin

New York, Oct. 15 – Potential issuers continued to announce new deal roadshows for emerging markets debt as the existing market felt a little firmer on Monday following last week’s hard-hitting market rout. But emerging markets debt investors remain jittery and the market is still lower for the month, sources say.

“The market was significantly more stable compared to recent sessions seen last week and prepared to receive new issues as early as tomorrow,” a New York-based market source said of the Latin America region.

A subsidiary of Guatemala’s Corporacion Multi Inversiones wrapped up roadshow meetings on Monday and was on deck for a dollar-denominated green bond of intermediate maturity. In addition the Republic of Peru was said to have received a positive reception during the roadshow of its planned two tranches of notes, including a benchmark-sized offering of sol-denominated euroclearable bonds under Rule 144A and Regulation S and a dollar-denominated note registered with the Securities and Exchange Commission.

Meanwhile, entities that announced new roadshows on Monday were Brazil’s Investimentos e Participacoes em Infraestrutura SA, Latvia’s Mogo Finance SA and Islamic Development Bank. In addition, Indonesia-based PT Perusahaan Listrik Negara’s roadshow schedule emerged.

In secondary market action, Saudi Arabia was a notable underperformer as investors eyed developments regarding the disappearance of Saudi journalist Jamal Khashoggi and potential U.S. response to the international situation.

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