Morning Commentary: Market conditions ‘supportive’ for EM; Polyus pricing; Dubai Islamic Bank eyed

By Rebecca Melvin

New York, Jan. 24 – Market conditions were supportive for emerging market credit on Wednesday with a lower U.S. dollar boosting spreads and with U.S. stocks and gold higher, a London-based trader said.

It’s “all pretty supportive,” the trader said.

There was a little softness seen in some lower beta names given higher rates at around 2.66% for the U.S. Treasury 10-year benchmark bond, the trader added.

PJSC Polyus’ notes, which were announced earlier in the week, were expected to price later Wednesday.

The new Rule 144A and Regulation S issue of the London-based gold producer is being issued by Polyus Finance plc and guaranteed by Polyus and JSC Polyus Krasnoyarsk.

Deutsche Bank AG, London Branch, J.P. Morgan Securities plc and SIB (Cyprus) Ltd. are acting as joint bookrunners in connection with the offering, together with Gazprombank, which is joint lead manager.

Meanwhile, Dubai Islamic Bank was said to be bringing an international deal, but further details were not immediately available to Prospect News.

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