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EM debt starts new week on a quiet note; new North America trade agreement eyed
By Rebecca Melvin
New York, Oct. 1 – Emerging-markets debt was quiet to slightly stronger to begin a new week and the fourth quarter on Monday, with several planned new issues wrapping up roadshows for pricing possibly on Tuesday.
It’s a “lackluster Monday really,” a London-based trader said.
Among deals on the calendar scheduled to conclude fixed-income investor meetings on Monday with pricing seen possibly Tuesday were Albania, with a U.S. dollar-denominated benchmark offering of intermediate tenor notes, Saudi Basic Industries Corp., or Sabic, which was planning dollar five- and/or 10-year notes, and Gulf International Bank BSC, which was marketing five-year dollar notes.
There was news for market players to digest on Monday, including that Canada has joined Mexico and the United States for a revamped North American Free Trade Agreement. The new agreement, called the United States-Mexico-Canada Agreement, or USMCA, gives U.S. farmers greater access to the Canadian dairy market but keeps a Nafta dispute-resolution process and protects Canada from any U.S. tariffs imposed on cars, trucks and auto parts imported into the United States.
“I think that the news is credit positive for Mexico and Mexican issuers, but I don’t think we’ll see the market rallying massively from here just on the back of the trade agreement,” a New York-based market source said.
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