Windfall in LatAm deals continues as market eyes year-end; Growthpoint pulls euro deal

By Rebecca Melvin

New York, Dec. 6 – Emerging primary markets saw a windfall of mostly Argentine and Brazilian issues on Wednesday as the prospect of higher interest rates in 2018 creates a rush to get things done ahead of the new year, a New York-based market source said.

Argentina-based oil and gas company Yacimientos Petroliferos Fiscales SA is looking to price an add on to its existing 6.95% notes due 2027 as well as a new issue of 30-year bonds on Thursday.

Also from Argentina, the province of La Rioja priced a $100 million add-on to its 9¾% green bonds due Feb. 24, 2025 (//BB-) on Wednesday at a price of 110 to yield 7.539%.

Also on Wednesday, Sao Paulo, Brazil-based airline, GOL Linhas Aereas Inteligentes SA, priced $500 million of 7% seven-year notes for a yield of 7¼%, a market source said.

On Tuesday, Minerva Luxembourg SA priced $500 million of 5 7/8% 10-year senior notes to yield 6 1/8%. The notes are guaranteed by Brazilian food processor Minerva SA.

The primary market for the Central & Eastern Europe Middle East and Africa region was notably quiet, which has generally been the case this week, according to one source. And South Africa’s Growthpoint Properties Ltd. pulled a planned deal of euro-denominated five-year notes.

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