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Morning Commentary: EM secondary market flat to lower; Turkye’s Sisecam prices notes
By Rebecca Melvin
New York, March 8 – Market indicators in emerging-markets debt were pointing to a flat to lower market on Friday as investors continued to digest Qatar’s mega $12 billion triple-tranche deal that priced midweek.
Further new supply was added by Turkiye Sise ve Cam Fabrikalary AS’ $550 million of 6.95% seven-year notes, which priced at par late Thursday.
The Istanbul, Turkey-based glass maker was accompanied by Turkey’s Yapi ve Kredi Bankasi AS (Yapi Kredi), which was pricing $500 million of five-year notes to yield in the 8¼% area. But final terms were not immediately available.
And in Latin America, Corporacion Quiport SA was pricing a dollar-denominated offering of 2033 notes that was expected to be at least $350 million in size.
No terms had yet been heard for Russia’s EuroChem Group AG, which was planning a U.S. dollar-denominated benchmark offering of five-year notes (Ba3//BB).
Meanwhile, the Moscow-based fertilizer company announced on Thursday the results for its tender of dollar notes due 2020 and 2021. Holders had tendered $375,872,000 of the 2020 notes and $371,954,000 of the 2021 notes. Both issues were $500 million in size. The tender expired on Wednesday and settles on March 15.
In the secondary market, there was ongoing pricing pressure on Petroleos Mexicanos SAB de CV, which was downgraded by S&P Global Ratings early in the week. S&P revised the stand-alone credit profile on the heavily indebted state-owned oil company to B- from BB- and downgraded the global scale rating outlook to negative from stable, citing deterioration of the company’s business and financial risk profiles.
Pemex’s 6½% 2029 notes were off another 0.2 point to 0.3 point to around 95.3.
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