Pakistan prices deal; good U.S. data doesn’t boost EM; Pemex, Albania plan marketing trips

By Christine Van Dusen

Atlanta, Sept. 24 – Emerging markets assets saw little positive impact – and Asian names experienced heavy selling – on Thursday after the release of good jobless claims numbers and better-than-expected durable goods orders from the United States.

Against this backdrop, Pakistan priced new notes.

From Latin America, Brazil’s five-year notes were trading about 40 bps wider while the 2017s moved out by about 15 bps, a New York-based trader said.

Five-year credit default swaps spreads managed to tighten, though, narrowing to 476 bps from 480 bps. Mexico’s moved out to 164 bps from 155 bps after trading as wide as 174 bps earlier in the day, he said.

“The big story and mover of the day is Brazil, specifically [the real], which saw a massive intraday swing,” he said. “This coincided with a bounce in cash bonds as Brazil’s 2025 traded at 85 earlier and now are printing at 86.85.”

Meanwhile, Mexico’s Petroleos Mexicanos SAB de CV will set out on Sept. 29 for a roadshow to market a Swiss franc-denominated issue of notes, a market source said.

BNP Paribas and Credit Suisse are leading the marketing trip, which will end on Sept. 30.

Albania will set out on Sept. 28 for a roadshow, a market source said.

Deutsche Bank and JPMorgan are leading the marketing trip for a possible issue of Regulation S notes.

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