Topaz Marine prices notes; Ghana recoups some ground; Venezuela slips as sanctions weighed

By Rebecca Melvin

New York, July 19 – New deals continued to trickle through in emerging markets on Wednesday, with Topaz Marine SA pricing $375 million of five-year notes to yield 9 1/8%, which was the tight end of talk for the Rule 144A and Regulation S notes.

Local-currency deals completed included India’s Shriram Transport Finance Co. Ltd.’s Rs. 2.3 billion of 7.8% three-year secured redeemable non-convertible debentures.

Details emerged on planned deals including Creditvalores-Crediservicios SAS’s up to $300 million of five-year notes that were being talked to yield in the mid-to-high 9% range and Israel-based Partner Communications Co. Ltd.’s up to NIS 300 million of seven-year debentures, which were talked to price with yield of up to 2.16%.

Back in established issues, Ghana recovered from a selloff on Tuesday with the sovereign’s bonds tightening back in by as much as 15 basis points.

Elsewhere, Venezuela and Petroleos de Venezuela SA saw their debt drop between ½ to 1½ points on Wednesday, with the shortest-dated maturities suffering the biggest hits, a Connecticut-based trader said.

The end game in Venezuela debt continued to be debated with a showdown between the dictatorial regime of President Nicolas Maduro and the United States regarding what form proposed U.S. sanctions against the country might take if Maduro proceeds with his plan to elect a constituent assembly and radically rewrite the national constitution to extend his grip of power over the nation.

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