LatAm primary sees more deals; Brazil ‘strong outperformer’; Indonesia prints $4 billion

By Rebecca Melvin

New York, Dec. 5 – Latin America’s primary market was active again on Tuesday with Alpha Holding SA de CV starting a roadshow for a planned offering of dollar denominated notes with stops in Asia, Europe and the United States and Tecpetrol SA pricing $500 million of five-year notes after wrapping up a roadshow on Monday.

In the secondary market, Brazil’s sovereign credit pared gains on Tuesday after an aggressive bid higher earlier in the day but still ended the session higher.

“Brazil was very strong; now people are lightening up a little bit, but it was a strong outperformer,” a New York-based trader said.

Venezuela strengthened slightly into the close after opening marginally weaker, but overall the sovereign paper and that of its state-owned oil company Petroleos de Venezuela SA has been drifting in quiet trade as uncertainty in the financial markets prevails and turmoil in the political sphere continues.

Elsewhere in emerging markets, Indonesia’s new $4 billion of senior unsecured notes hit the market on Tuesday after pricing late Monday. The five-, 10- and 30-year tranches priced at the tight end of final price guidance and with a negative new issue premium across all three tranches, according to a government release.

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