Morning Commentary: Emerging markets quiet; market players eye planned Nostrum deal

By Rebecca Melvin

New York, July 12 – Emerging markets started off on a quiet note on Wednesday with no deals marketed or priced in Central & Eastern Europe, Middle East and Africa, and pricing action in the secondary market of that region “nothing to write home about,” a source said.

The conclusion of a couple of roadshows was imminent, however, with deals including that of Nostrum Oil & Gas plc expected to hit the market as soon as Thursday, the source said.

The quiet tone was not unexpected given the fact that many regions are on the cusp of summer holidays. Meanwhile, the Middle East came back from the Ramadan holiday month, and no issuers came to market probably because of the geopolitical tensions in the region, the source said.

The Middle East’s Gulf Cooperation Countries are divided by a Saudi-led coalition of countries seeking to force Qatar to change its stance toward the Muslim Brotherhood and other groups deemed to have ties to terrorism, and to implement other conditions in order to restore diplomatic and trade relations.

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