Femsa, Icici price; session strong but quiet for emerging markets; Gazprom, Sappi on deck

By Christine Van Dusen

Atlanta, March 14 – Mexico’s Fomento Economico Mexicano SAB de CV (Femsa) and India’s Icici Bank Ltd. sold notes on Monday as a strong tone persisted for emerging markets assets.

“Buoyed by further ECB easing and deposit rate cuts from last week, EM credit continues to perform well,” a strategist said. “This week remains dominated by central bank meetings.”

Among them is the Wednesday meeting of the Federal Reserve.

In trading, Latin American bonds were quiet but strong, a New York-based trader said.

“Accounts salivate for a thicker pipeline, with lack of secondary inventory,” he said.

High-grade names from Mexico moved higher on very little volume, he said, with banks moving higher.

Investors were chasing paper from Brazil-based Gerdau SA.

Russia’s Gazprom OJSC set out on Monday for a roadshow to market a Swiss franc-denominated offering of notes, a market source said.

Deutsche Bank, Gazprombank, Renaissance Capital and UBS are the bookrunners for the deal.

And Sappi Ltd. plans to market a €350 million offering of seven-year senior secured notes on Tuesday and Wednesday, according to market sources.

Global coordinator Citigroup will bill and deliver for the Rule 144A and Regulation S offering. Credit Agricole CIB and JPMorgan are also global coordinators. Erste, KBC, Royal Bank of Scotland, Standard Chartered Bank and UniCredit are joint bookrunners.

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