YPF prices tighter than talk; new PKO Bank Polski notes edge up; Venezuela treading water

By Rebecca Melvin

New York, July 18 – Emerging markets saw a fairly decent bid on Tuesday as trading action and the primary market ticked along modestly, albeit at lighter, summer volumes, market sources said.

Argentina’s Yacimientos Petrolíferos Fiscales SA priced $750 million of 6.95% notes due 2027 at par after launching the deal on Monday at a talked coupon of 7¼%.

YPF’s pricing 30 basis points below initial price talk was impressive, a New York-based market source said.

“It’s a testament to the market, and they have definitely come a long way,” the source said.

The Buenos Aires-based petroleum and natural gas company priced its Rule 144A and Regulation S notes via joint bookrunners Credit Suisse and JPMorgan.

Poland’s PKO Bank Polski SA’s newly priced ¾% notes moved up mildly upon release for secondary market dealings to 100.35 bid, 100.45 offered after the Warsaw-based lender priced €750 million of the four-year notes at 99.792 to yield mid-swaps plus 65 bps.

Meanwhile, Venezuela’s sovereign bonds and those of state-owned oil company Petroleos de Venezuela SA were the object of much speculation on Tuesday, but quiet in trading, with little reaction yet to news that the United States is considering another round of sanctions against the country or individual government officials within the country.

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