Morning Commentary: New Romania 30-year notes slip on debut; new Enel Chile 10-year notes add

By Rebecca Melvin

New York, June 8 – The new Romania 5¼% notes slipped in trade on Friday after the sovereign’s ministry of public finance priced $1.2 billion of the 30-year paper on top of guidance and slightly tight to initial price talk.

The new Romania notes were seen at 97.50 bid, 98.30 offered after the deal priced at a reoffered 98.867, a London-based market source said.

The new Enel Chile SA 4 7/8% notes traded up on the break after the power company priced $1 billion of the 10-year notes to yield U.S. Treasuries plus 210 basis points.

The new Enel Chile notes were 99.50 bid, 99.80 offered from a reoffered price of 98.824, a New York-based market source said.

Enel Chile’s $1 billion deal was viewed as a something of a tour de force given that the Latin America primary market has been in an issuance drought.

The last benchmark-sized deal was Hunt Oil Co. of Peru LLC’s $600 million of 6 3/8% 10-year notes priced on May 25. Before that there was a flurry of deals that priced at the end of April, but they were mostly small- to medium-sized deals of $200 million to $600 million.

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