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Published on 2/5/2018 in the Prospect News High Yield Daily and Prospect News Investment Grade Daily.

Selling hits EM, primary mostly quiet as equity markets plunge; market players eye flows

By Rebecca Melvin

New York, Feb. 5 – Emerging markets credit saw mostly pockets of selling early on Monday, but later trading action dried up amid a steep sell off in U.S. stocks. The primary market remained quiet against a backdrop of rising rates and weaker global stocks that turned into a free fall for stocks in the United States.

“People will be watching the EPFR fund figures that come out on Thursday,” a market source said.

In the primary market, the Central & Eastern Europe, Middle East and Africa region was quiet, with a handful of deals on roadshow that were expected to price later in the week subject to market conditions.

Credit Bank of Moscow has an offering of dollar-denominated five-year notes potentially pricing on Tuesday, and Nostrum Oil & Gas plc is roadshowing a dollar-denominated offering of seven-year notes through Wednesday. Russia’s Lukoil is also rumored to be bringing a deal this quarter.

In the Middle East, First Abu Dhabi Bank was marketing a possible five-year, dollar-denominated Islamic bond on Monday with potential pricing on Tuesday.

In Latin America, CSN Resources SA had started fixed-income investor meetings for an offering of new notes tied primarily to its tender of 2019 and 2020 notes, which have a combined outstanding amount of $1.95 billion.


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