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Kexim, South Africa price bonds; Hungary unwraps new benchmark dollar-denominated offering
By Paul A. Harris
St. Louis, March 2 - The JPMorgan Emerging Markets Bond Index, the EMBI-Plus, closed 2 basis points tighter at a spread of 283 bps on Tuesday, according to a West Coast-based mutual fund manger.
Meanwhile credit default swap spreads were seen grinding tighter.
During the European afternoon Brazil's five-year CDS were 128 bps mid, 2 bps tighter, according to a market source there.
Mexico's five-year CDS were 124 bps mid, 3 bps tighter.
Russia's five-year CDS were 170 bps mid, 7 bps tighter.
Among high-yield sovereigns, Argentina's five-year CDS were 1,087 bps mid, 70 bps tighter.
And Venezuela's five-year CDS were 1,012 bps mid, 12 bps tighter.
Kexim tight to lowered talk
Export-Import Bank of Korea (Kexim) priced a $1 billion issue of 4 1/8% 5.5-year senior unsecured notes (A2/A/A+) at a 195 bps spread to Treasuries on Tuesday.
The spread came at the tight end of the Treasuries plus 195 bps to 200 bps price talk. That talk had been downwardly revised from the Treasuries plus 200 bps area.
Deutsche Bank, HSBC, JPMorgan, RBS and UBS were the joint bookrunners.
South Africa prices $2 billion
Meanwhile South Africa priced a $2 billion issue of 5½% 10-year global notes (A3/BBB+BBB+) at a 197 bps spread to U.S. Treasuries.
Earlier in the day the deal launched at Treasuries plus 197 bps.
Deutsche Bank and Standard Bank were the joint bookrunners.
Proceeds of the bond issue will be used for the general purposes of the national government.
Hungary benchmark on tap
Separately, the Republic of Hungary (Baa1/BBB-/BBB) plans to price a benchmark issue of 10-year global notes by the end of the March 1 week.
Citigroup and Deutsche Bank are joint bookrunners for the notes, which are registered with the Securities and Exchange Commission.
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