Kenya plans new tranches; Latin America quieted by Carnival; tone remains constructive

By Rebecca Melvin

New York, Feb. 12 – Emerging markets put in a fairly quiet Monday as global stock markets popped higher amid ongoing volatility. The major U.S. stock indexes were up as well and have erased some of their drop of the last two weeks but still remain lower for the year.

In Asia, Export-Import Bank of Korea (Kexim) sold CHF 350 million 0.253% five-year bonds at par on Monday, a market source said.

Meanwhile, Ronshine China Holdings Ltd. said it plans to tap its recently priced 8¼% senior notes due 2021, subject to market conditions.

In the Middle East and Africa region, Kenya’s existing international notes traded mixed in the early going on Monday after the sovereign announced a roadshow for new 10-year and 30-year eurobonds.

The Kenya 2019 notes were trading at 103 to 103.75, and the spread tightened by 15 basis points, but the longer-dated 2024 notes were trading with a wider spread at 102 to 103. The spread was about 10 bps wider, according to a London-based market source.

The Latin America region was especially quiet as many countries began Carnival holidays on Monday.

There were no new issues announced, but the tone remains constructive, a New York-based market source said.

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