Volatility stalls Naftogaz notes; Gazprom pricing; CES on tap; Nigeria shops dollar deal

By Rebecca Melvin

New York, Nov. 13 – Emerging markets debt issuers continued to come to the market on Tuesday, although one issuer that was expected to price during the session postponed due to market volatility.

PJSC Naftogaz of Ukraine issued a late update saying that final terms for its planned $500 million of five-year notes was postponed amid market volatility. Market participants were instructed to expect the next update early Wednesday, according to a syndicate source.

Naftogaz had guided pricing for the five-year notes to a yield in the 10.9% area earlier in the session.

The Kiev-based oil and gas company was joined in the market by Moscow-based natural gas producer PJSC Gazprom, which announced a planned benchmark-sized offering of dollar-denominated five-year loan participation notes.

The Gazprom notes were talked to yield in the area of 3%, plus or minus 5 basis points.

Also in the Central & Emerging Europe region, CEZ as said it is pricing €500 million bonds due 2022. The Czech Republic-based integrated electricity conglomerate guided yield to mid-swaps plus 70 bps.

Elsewhere, Nigeria held a fixed-income investor meeting in London regarding a three-tranche offering of dollar-denominated notes (expected rating: /B/).

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