Market conditions ‘supportive’ for EM; Unifin prices; Dubai Islamic Bank eyes notes

By Rebecca Melvin

New York, Jan. 24 – Market conditions were supportive for emerging market credit on Wednesday with a lower U.S. dollar boosting spreads and with U.S. stocks and gold higher, a London-based trader said.

It’s “all pretty supportive,” the trader said.

PJSC Polyus’ notes, which were announced earlier in the week, were expected to price later Wednesday.

The new Rule 144A and Regulation S issue of the London-based gold producer is being issued by Polyus Finance plc and guaranteed by Polyus and JSC Polyus Krasnoyarsk.

Deutsche Bank AG, London Branch, J.P. Morgan Securities plc and SIB (Cyprus) Ltd. are acting as joint bookrunners in connection with the offering, together with Gazprombank, which is joint lead manager.

Meanwhile, Dubai Islamic Bank PJSC announced plans for a benchmark-sized and dollar-denominated five-year Islamic bond.

The bank named Bank ABC, Dubai Islamic Bank, First Abu Dhabi Bank, HSBC, JPMorgan, KFH Capital, Sharjah Islamic Bank and Standard Chartered Bank as joint lead managers and bookrunners of the Regulation S notes to be priced under the bank’s $4 billion trust certificate issuance program.

In Latin America, Mexico’s Unifin Financiera, SAB de CV Sofom ENR priced $250 million of 8 7/8% subordinated perpetual notes at par.

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