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EM trades quietly into month-end; eyes still on Fed chair choice; CAF prices notes
By Rebecca Melvin
New York, Oct. 31 – Emerging markets traded quietly into month end after early strength on Tuesday as market participants eyed a raft of potentially market moving news later in the week, in particular President Donald Trump’s pick for next Fed Chair expected on Thursday, market sources said.
Headlines about U.S. Special Counsel Robert Mueller’s indictments in the investigation into Russian interference in last year’s U.S. presidential elections were also garnering attention as well as the start of the Federal Open Market Committee meeting on Tuesday.
U.S. Treasuries were choppy contributing to the quieter tone, a trader said. But the yield on the benchmark 10-year Treasury note closed at 2.374%, unchanged from Monday.
Arab Petroleum Investments Corp.’s 3.141% Islamic bond, which priced last week, were seen in trade at 100¼ bid, 100 3/8 offered, which was up from 100.13 bid, 100.18 offered on Thursday after the multilateral development bank priced $500 million of the five-year notes under Regulation S.
In primary market activity, Latin America regional lender Corporacion Andina de Fomento (CAF) priced $1 billion of 2¾% notes due 2023 at mid-swaps plus 70 basis points.
According to a filing, the five-year bullet notes priced at 99.773.
The Securities and Exchange Commission-registered CAF notes are non-callable, and proceeds will be used to repay $1 billion floating-rate notes due 2018.
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