EM bonds start week on a quiet note; new deals scarce; Pemex widens; Guotai Junan prices

By Rebecca Melvin

New York, Jan. 14 – Emerging markets debt was little changed on Monday as Friday’s less ebullient tone persisted, following a strong secondary market seen much of last week, according to market sources.

There were no new deal announcements heard for the Central & Eastern Europe Middle East and Africa region, and Latin America, which had started to have rumblings of new deals, was also quiet on Monday.

Dubai Islamic Bank PJSC remains the only issuer on the calendar for the MENA region, a London-based source said. And in Latin America, a dollar-denominated note deal for Colombia’s Termocandelaria Power Ltd. is on roadshow through this week. For Asia, Korea’s Kookmin Bank mandated banks and set a roadshow for a U.S. dollar-denominated Tier II sustainability bond last week.

The bonds of Petroleos Mexicanos SAB de CV were flat after slipping on Friday on the heels of non-deal marketing meetings in New York last week.

In addition, Future Land Development Holdings Ltd. said it plans to price an offering of U.S. dollar-denominated senior notes under Regulation S. The real estate operator and developer said the deal will be priced subject to market conditions, via bookrunners UBS AG Hong Kong Branch and Merrill Lynch (Asia Pacific) Ltd.

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