Credito Real joins primary calendar; Bahrain’s sovereign curve better; Asia deals eyed

By Rebecca Melvin

New York, Jan. 18 – Riding a wave of improved sentiment created by two big sovereign deals pricing in the Latin America region this past week, Mexico’s Credito Real SAB de CV Sofom ER announced on Friday that it has scheduled fixed-income investor meetings for a planned sale of dollar notes. The deal was seen pricing in the Jan. 21 week subject to market conditions.

The consumer finance company has mandated Barclays, Citigroup, Goldman Sachs and Morgan Stanley to arrange meetings in London, Boston, New York and Los Angeles.

The deal follows pricing this week of the Republic of Uruguay’s $1.25 billion of 4 3/8% bonds due 2031 at 175 basis points over U.S. Treasuries and Mexico’s $2 billion 4˝% 10-year notes, pricing at Treasuries plus 185 bps.

Also on the calendar for Latin America is a deal expected in the week ahead for Colombia’s Termocandelaria Power Ltd., which is expected to price around $400 million of notes.

Meanwhile, debt in the Middle East and Africa region was “very firm,” a London-based trader said. Bahrain was particularly strong on Friday as the sovereign continued to recoup ahead of several of its issues being added to the JPMorgan emerging markets sovereign bond index on Jan. 31.

Elsewhere, pricing emerged on a handful of deals for the Asia region.

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