EM debt subdued; Banco Regional, Listrik Negara join calendar; Growthpoint, Gilex price

By Rebecca Melvin

New York, April 25 – Emerging markets debt was “subdued” on Wednesday with minimal new issue news and low activity in the secondary as market players fixated on the move in rates, according to sources.

The benchmark 10-year U.S. Treasury note yield ticked above 3% for the first time in four years on Tuesday.

Two deals joined the forward deal calendar. Paraguay’s Banco Regional SA has selected banks and scheduled roadshow meetings for a planned offering of up to $300 million of notes of up to seven-year maturity.

And Indonesia’s Perusahaan Perseroan (Persero) PT Perusahaan Listrik Negara has selected banks and scheduled a roadshow for an offering of U.S. dollar-denominated notes which are coming together with a tender offering for three series of existing notes.

Among new issues, Growthpoint Properties International (Pty) Ltd., a real estate investment trust based in South Africa, announced it priced $425 million of five-year senior notes (expected rating: Baa3) to yield 5.872%, which was tight to initial price talk in the area of 6%.

And two deals priced for Latin America. Both deals were five-year notes that are non-callable for three years. Gilex Holding Sarl priced $300 million of five-year notes at par to yield 8 ½%, and InRetail Pharma SA priced $400 million of 5 3/8% five-year notes at 99.676 to yield 5.45%.

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