Tunisia eyes new five-year notes; Chile’s Cochrane pulls deal; Mabe, Al Candelaria price

By Rebecca Melvin

New York, Oct. 18 – Emerging markets debt ended lower on Friday following positive action earlier in the week despite worries about the geopolitical tensions between the United States and Saudi Arabia.

Amid the weaker tone, Tunisia announced on Friday that it is planning to price a euro-denominated five-year note and has selected banks and scheduled a roadshow to market the deal starting on Monday.

Empresa Electrica Cochrane SpA, which had initiated price talk on Thursday for a proposed $725 million of 16-year notes, pulled the deal, according to a New York-based market source. The bond had been talked to yield mid- to high-6%.

The Chilean electricity company was the only entity out of five that waded into the market on Thursday that did not price as the tone turned mixed. The other deals that priced despite the turbulence included JBS SA’s $500 million of 7% seven-year notes, Al Candelaria’s $650 million of 7½% 10-year notes, Controladora Mabe SA de CV’s $370 million of 5.6% 10-year notes and the Republic of Panama’s $550 million tap of its 2050 notes.

Looking ahead, market players are eyeing a primary calendar for next week that includes Brazil’s Investimentos e Participacoes em Infraestrutura SA, Latvia’s Mogo Finance SA and Islamic Development Bank.

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