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Volatility roils EM; Argentina ups rates; Panama’s Tocumen, Hungary’s Nitrogenmuvek price
By Rebecca Melvin
New York, May 4 – Volatility roiled emerging markets debt on Friday as Argentina’s central bank raised interest rates for the third time in eight days in an effort to support the country’s weakening peso.
The turmoil kept Latin America’s planned new issues from pricing again and pressured existing paper. The market has seen selling all week.
One trader focused on the Middle East and Africa region said it “was too volatile” to run a typical list of bond prices and spreads on Friday.
There was limited primary market activity however. Panama’s Aeropuerto Internacional de Tocumen SA was the only Latin America issuer this week, pricing $225 million 6% notes due 2048 (expected ratings: /BBB/BBB) at par on Thursday. Pricing came at the tight end of initial price talk in the low 6% area.
Veszprem, Hungary-based fertilizer producer Nitrogenmuvek Zrt. priced €200 million of seven-year notes to yield 7% on Friday. The notes were initially talked at 7% to 7¼% yield.
Tallinn, Estonia-based Olympic Entertainment Group priced a €200 million issue of 8% five-year senior secured notes (B2/B) at 98.983 to yield 8¼%. The deal came at the tight end of the 8% to 8¼% yield talk.
Meanwhile, Petroleos Mexicanos SAB de CV priced CHF 365 million of 1¾% notes due 2023 at par.
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