Emerging markets start off week on a quiet note; Polyus, Rusal expected to price soon

By Rebecca Melvin

New York, Jan. 22 – Emerging market credit started off the week on a quiet note, with market players eyeing deals on the primary calendar this week, but few catalysts to initiate activity on Monday.

The Central & Eastern Europe, Middle East and Africa region has two deals on the calendar, including United Co. Rusal plc’s dollar-denominated benchmark offering of notes and PJSC Polyus’ proposed senior unsecured eurobond, but otherwise the new issue calendar was quiet, market sources said.

Both deals were expected to price toward the later part of the week.

London-based Polyus is a gold producer with mines in Russia and Kazakhstan, and Rusal is a Moscow-based aluminum company.

Elsewhere in the region, new issuance is being rumored, but there has been nothing announced, a London-based trader said.

There are a number of roadshows underway for Latin America deals, but no new business was heard on Monday.

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