Emerging markets 'risk-on'; China National Petroleum prices notes; Rodopa taps bookrunners

By Aleesia Forni

Columbus, Ohio, April 12 - Emerging markets were "risk-on" during Thursday's session, according to one market source.

"I thought we'd see more supply today after yesterday, but it didn't really come," the source said.

Though Fridays are usually quiet in the emerging markets space, the source believes tomorrow may be busy, with financial institutions releasing earnings results next week.

The source believes this will create volatility in the upcoming week's market.

"I think a lot of guys are just waiting for stability [and] just want to see the dust settle for a couple days," the source added.

However, a London-based source remarked that ahead of key data releases in the United States, China and Brazil, Friday may remain quiet.

The market was very strong, according to another source, adding that equities were up 180 points on the day.

Credit markets were also positive, and the Emerging Markets Bond index was around 5 basis points tighter at Thursday's close.

In the primary market, China National Petroleum Corp. priced a $1.15 billion issue of notes in five- and 10-year tranches, while Rodopa Industria e Comercio de Alimentos Ltda. eyes an offering of dollar-denominated notes.

China National Petroleum notes

China National Petroleum (A1/A+/A+) sold $1.15 billion of notes in two tranches on Thursday, according to a market source.

The $650 million of 2¾% five-year notes priced at 185 bps over Treasuries. The notes priced at 99.991 to yield 2.752%.

Additionally, $500 million of 3.95% 10-year notes priced at Treasuries plus 190 bps, or 99.877 to yield 3.965%.

Citigroup and ICBC International were the bookrunners.

Rodopa Industria offer

Rodopa Industria (/B-/B-) has announced a possible offering of dollar-denominated notes, according to market sources.

The proceeds will be used to repay short-term debt, to finance part of the company's projected capital expenditures and for general corporate purposes.

The Rule 144A and Regulation S deal is coming via HSBC and Standard Chartered.

Rodopa is a Sao Paulo-based meat producer.

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