Morning Commentary: Sentiment positive as EM activity slows for Easter holiday; InRetail talks deal

By Rebecca Melvin

New York, March 27 – Emerging markets enjoyed continuing good sentiment early Tuesday on the back of Monday’s turnaround, and InRetail Real Estate Corp. put out initial price talk for a new dollar-denominated 10-year note. But overall activity was curtailed amid the holy week ahead of Easter, according to market sources.

InRetail was talking its offering of 10-year notes, which are non-callable for five years, in the low 6% area, which compared to an existing 2.5-year InRetail note due 2021 spotted early Tuesday at 5.08%, a New York-based source said.

Guidance had not yet been released, but there should be value implied in those yields, and given market sentiment, the issuer should be allowed to tighten final terms, the source said.

Elsewhere, Bahrain was wrapping up a roadshow on Tuesday for a potential three-tranche dollar transaction. Spreads on Bahrain’s existing curve were mixed but improved from significant widening out in the past week.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.