Emerging markets new issue pipeline robust; secondary market firm; PDVSA maturity eyed

By Rebecca Melvin

New York, Oct. 24 – More new deals joined the emerging markets calendar on Tuesday, with more expected on the way as issuers eye favorable market conditions and an opportunities to pre-fund their capital needs and reprice debt curves, a New York-based market source said.

New issuers included lenders such as Poland’s Bank Gospodarstwa Krajowego, which is coming with a €750 million deal of 10.5-year notes (expected rating: //A-) at a yield of mid-swaps plus 68 basis points, and the Export-Import Bank of Korea, which was pricing $2.08 billion of notes (expected ratings: Aa2/AA/AA-) in three tranches on Tuesday.

And the Philippines-based Asian Development Bank plans to price a 10-year benchmark offering of dollar-denominated notes under Regulation S via J.P. Morgan Securities plc as stabilization coordinator and Citigroup, Daiwa and HSBC as stabilization managers.

Later this week, Russian gold mining company Petropavlovsk plc plans to start a roadshow for a U.S. dollar-denominated benchmark offering of five- to seven-year notes. Citigroup, JPMorgan, Sberbank CIB and VTB Capital have been mandated to begin a series of fixed income investor meetings starting Thursday.

Meanwhile, there remains a little bit of anxiety regarding payments due from Venezuela and Petroleos de Venezuela SA, but on Tuesday pricing of those bonds was fairly strong.

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