Damac new deal set for Tuesday; Red Star, Yida plan offerings; eyes on PDVSA; Latam prices

By Colin Hanner

Chicago, April 10 – With a shortened week in store for most of the working world, emerging markets were on the quieter side, a market source said, with Asian markets resonating that tone on Monday.

“All in all, the backdrop for [emerging market] credit therefore remains solid, but trading activity is likely to slow down ahead of the Easter weekend in many countries,” a market source said.

In a slew of new deals expected to hit the market this coming week, Dubai’s Damac Real Estate Development Ltd. is planning to sell new dollar-denominated five-year notes on Tuesday, a market source said.

Business park developer and operator Yida China Holdings Ltd. will offer dollar-denominated senior fixed-rate notes, the company said in a news release.

Shanghai-based operator and manager of home furnishings shopping malls Red Star Macalline Group Corp. Ltd. is expected to sell dollar-denominated bonds on or around Tuesday following its roadshow, the company said in a news release.

From Latin America, Chile’s Latam Airlines Group SA priced a $700 million offering of seven-year notes at par to yield 6 7/8% on Friday, a market source said.

“Investors are still concerned on whether [Petroleos de Venezuela SA] will be able to repay [$2.1 billion] to investors” on Wednesday, a market source said.

On Monday, bonds were nearly unchanged from Friday’s levels.

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