EM active as rates, stocks, oil trade lower, but spreads steady; Emirates NBD, Chile price

By Rebecca Melvin

New York, Jan. 29 – Emerging markets were active out of the gate on Monday, but spreads were mostly steady as U.S. Treasury rates, stocks and oil traded lower. Gulf Cooperation Council countries were little changed despite lower oil prices, according to a market source.

Dubai’s Emirates NBD PJSC priced a CHF 235 million offering of five-year senior notes with a 5/8% coupon at 100.012 to yield mid-swaps plus 60 bps.

Also in early action, Dubai-based Shelf Drilling Holdings Ltd., an offshore rig operator, started to market a $550 million offering of seven-year senior notes (B2/B-), with pricing of a deal expected after meetings wrap up on Wednesday.

Elsewhere, Chile announced a dollar-denominated 10-year global notes and later priced 1.015 billion of the notes with a 1.24% coupon at 99.941 to yield 3.247%, or a yield spread of Treasuries plus 55 bps, according to a market source.

Also in Latin America, a reopening of Brazilian airline Gol Linhas Aereas Inteligentes SA’s 7% notes due 2025 was announced.

Also expected to price in the next few days is Banco Safra SA with a dollar-denominated benchmark of five-year notes, and Mexico’s Credito Real SAB de CV Sofom ER, which is expected to price a Swiss franc-denominated deal.

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