EM ‘pretty stable’; Poland, Credit Bank of Moscow prep deals; Gol Linhas prices add-on

By Rebecca Melvin

New York, Jan. 30 – Emerging market credit was relatively stable on Tuesday in terms of both pricing and spreads, and the new issue market remained open, despite a drop in U.S. Treasuries and stocks, a London-based market source said.

The volatility in the broader markets has “not yet affected emerging markets. Credit spreads are pretty stable. The market is pretty strong,” a market source said.

The new issue calendar grew as Poland announced a deal of 8˝-year euro-denominated green bonds of benchmark size, and Credit Bank of Moscow mandated banks and scheduled a roadshow for a dollar-denominated offering of five-year notes.

Dubai Islamic Bank PJSC launched $1 billion of five-year Islamic bonds to yield mid-swaps plus 115 basis points on Tuesday, but final terms were not available by Prospect News’ deadline.

Also new to the market, Export Import Bank of India priced $1 billion 3 7/8% 10-year notes (Baa2//BBB-) at 99.819 of par to yield 3.897%. The deal settles on Feb. 1.

In Latin America, Brazil’s GOL Linhas Aereas Inteligentes SA priced a $150 million add-on to its existing 7% notes due 2025 at 99.967 for a yield of 7%.

The new notes lifts that deal size to $650 million. The initial $500 million of 7% notes priced in Dec. 6.

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