EM primary quiet on U.S. shortened week; Saudi bond improves; LatAm oil names flat to weaker

By Rebecca Melvin

New York, July 3 – No new major-currency bonds were announced in emerging markets on Monday as a pause that began on Friday continued due to summer holidays and the U.S. Independence Day holiday, sources said.

In local currency deals, Zagred, Croatia’s Zagrebacki Holding doo priced a HRK 500 million add-on to its of 3 7/8% notes due 2023 at about 105.75, according to an announcement.

In Asia, Philippine power generation company Aboitiz Power Corp. issued PHP 3 billion of 5.3367% 10-year bonds.

A few deals were added to the calendar, including Legend Holdings Corp.’s RMB 2.5 billion of corporate bonds that were talked at par with a fixed coupon of 4½% to 5½% and seen pricing later this week.

In Israel, mobile communications provider Partner Communications Co. Ltd. said it is considering a bond issue of up to NIS 300 million.

In the secondary market, there was demand for the long end of Saudi Arabia, whose long bonds are essentially unchanged in cash price over the last week.

In Latin America, no new deals were heard and trading was light to non-existent.

Indicated pricing showed Venezuela’s PDVSA flat to weaker.

Meanwhile in Mexico, Petroleos Mexicanos, saw its 5½% notes due 2021 trading a bit weaker as well, but within the range of recent sessions.

Brazil’s Petroleo Brasileiro SA saw its 8 3/8% notes due 2021 trading weaker.

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