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EM narrowly mixed in quiet trade; Asia prices deals; MENA sovereign spreads outperform
By Rebecca Melvin
New York, July 18 – Emerging markets debt was narrowly mixed in quiet trade, with the primary market moribund in many regions although Asia saw some mostly local-currency deals price, with China Development Bank Financial Leasing Co., Ltd. issuing $500 million of guaranteed floating-rate notes due 2021.
Also in primary action, Singapore’s United Overseas Bank Ltd. priced A$600 million of 3˝-year senior floating-rate notes. And Singapore’s Public Utilities Board announced it issued S$300 million of 3.01% bonds due 2033 at par on Wednesday.
Taiwan’s Hon Hai Precision Industry Co., Ltd. announced it priced NT$9 billion of bonds with maturities of three, four, five, six, seven and 10 years, and Sinyi Realty Inc. issued NT$1.8 billion of 1.05% five-year bonds.
Spreads on emerging markets debt were mixed with sovereign debt in the Middle East and Africa region holding in better than most banks and corporate debt, according to a London-based market source.
Egypt’s sovereign curve was tighter, for example, with issues in on average of 3 to 5 bps, with the exception of its short dated 2020 notes, which were 8 bps wider.
Morocco and Qatar were also slightly tighter, as was the longer end of Lebanon’s sovereign debt. But Saudi Arabia was mostly wider, contrary to the recent trend in Saudi paper, which has been among the strongest in MENA over the past month.
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