EuroChem slips below par; Argentina’s century notes pare losses; Baidu prices $1.5 billion

By Rebecca Melvin

New York, June 28 – EuroChem Group AG’s newly-priced 3.95% notes slipped in trading on Wednesday after the Moscow-based fertilizer company priced $500 million of the four-year notes at par, while emerging markets overall were mostly steady despite volatility in rates and focus on oil moves, sources said.

EuroChem’s new notes were seen at 99.90 bid, 99.85 offered, a trader said, commenting on the deal pricing at the tight end of indicated terms, which “didn’t leave much on the table.”

Elsewhere, Argentina’s 100-year bonds regained about a point to trade at 91.5 on Wednesday. The bond had dropped to below 91 from 94 amid rate volatility on Tuesday, a trader said.

Overall there was “a little bit of everything” trading in emerging markets as the second quarter and first half of 2017 draw to a close and as holidays continued in Europe and the Middle East and were ramping up in the United States.

In the primary emerging markets, deal flow continued. Baidu, Inc. priced $1.5 billion of senior notes in two tranches.

Shanghai-based real estate developer Greenland Hong Kong Holdings Ltd. sold $200 million of 4½% notes due 2018.

Shimao Property Holdings Ltd. said it priced an additional $150 million of 4¾% five-year senior notes after trading hours on Tuesday.

Among euro-denominated deals, Mytilineos Holdings SA priced €300 million of 3.1% five-year bonds at par.

© 2015 Prospect News.
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