Helios Towers, VTB, Ivory Coast set roadshows; holidays, global picture keep EM trading quiet

By Christine Van Dusen

Atlanta, June 30 – Emerging markets issuers planned roadshows on a mostly quiet Monday as investors stayed wary of bonds from the Middle East and watched Ukraine to see whether the ceasefire would continue.

Meanwhile, in the Middle East, Russian experts were reportedly helping the Iraqi army add new warplanes to the fight against Sunni extremists.

All of this – as well as a Tuesday holiday in Hong Kong, a Friday holiday in the United States, and the start of Ramadan – made for a quiet trading day on Monday, a London-based analyst said.

“We close the month on a little bit of a tricky wave, with sentiment and moves a real mixed bag,” a London-based trader said. “The backdrop of the very uncertain situation in Iraq – and also a poor tone in the Dubai stock market – sees some spreads losing their luster into month-end.”

Looking to Latin America, most spreads remained flat to Friday’s close, a New York-based trader said.

Helios Towers Nigeria Ltd. will set out on Tuesday for a roadshow to market a dollar-denominated issue of notes.

Russia’s VTB Bank OJSC has mandated Credit Suisse, UBS and VTB Capital as bookrunners for a Swiss franc-denominated issue of notes that will be marketed during a roadshow.

Ivory Coast is moving ahead with its planned issue of dollar-denominated notes, setting a roadshow for July 9 to 14.

Paul A. Harris contributed to this article.

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