Alibaba, GOL Linhas join primary calendar; South Africa notes volatile after downgrade

By Rebecca Melvin

New York, Nov. 27 – The new issue window remained open in emerging markets on Monday as a few new deals joined the calendar following slower sessions at the end of last week when the U.S. Thanksgiving holiday pulled many market players away from their desks.

China internet company Alibaba Group Holding Ltd. was holding investor calls on Monday with more set to be held on Tuesday for three tranches of Securities and Exchange-registered dollar notes, a market source said.

Brazilian airline GOL Linhas Aereas Inteligentes SA was set to start a roadshow on Tuesday in London for an offering of unsecured notes (expected rating: /B-/), a market source said.

The deals join Cemig Geracao e Transmissao SA, which is expected to price dollar denominated notes on Wednesday or Thursday.

Back in established issues, the Republic of South Africa’s debt curve opened sharply lower on Monday but bounced back to end the session in London higher despite a downgrade at S&P’s that pushes the debt further into junk territory.

South Africa 5.65% notes due 2047, which priced in September, were up 1.2 points at 98.15 bid, 98.70 offered, after trading as low as 96 intraday.

© 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.