Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers N > Headlines for Nigeria > News item |
Argentina century bonds up a point in gray market; Nigeria prices; Cyprus, Sibanye Gold on tap
By Rebecca Melvin and Colin Hanner
New York, June 19 – Argentina’s $2.75 billion of 100-year bonds that priced Monday were up a point in the gray market ahead of final terms being fixed and pulled the rest of the country’s bonds lower, market sources said.
Argentina’s existing longer-dated issues were down by ½ point to 1½ points.
The new Argentina notes were being reoffered at 90, and investors swarmed to buy the new deal, which was more than 2.5 times oversubscribed.
How well the deal did was surprising given the long duration of the notes – which do not mature until 2117 – and given that Argentina just came out of restructuring only 14 months ago, a New York-based sellside source said.
Outside of Latin America, Nigeria sold $300 million 5 5/8% five-year diaspora bonds (B1/B/B+) at par on Monday. Price talk for the notes was tightened from 5¾%.
In the secondary arena, market players continued to eye the situation in the Middle East, where primary market activity has slowed during the month of Ramadan, but existing notes remain vulnerable to political and military developments in the region, MUFG Securities analyst Trieu Pham pointed out in a note.
The calendar in emerging markets will look leaner this week than in the past few weeks, though there are still deals in the pipeline, sources said.
Sibanye Gold Ltd. and Cyprus were expected to price deals on Tuesday.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.