EM quiet ahead of Fed news; Emirates NDB, Mazoon pricing soon; Grupo Bimbo sets roadshow

By Rebecca Melvin

New York, Nov. 1 – The emerging markets put in a fairly quiet day on Wednesday as market players watched for an update on U.S. monetary policy following the Federal Reserve’s Open Market Committee meeting and ahead of the widely anticipated announcement of U.S. President Donald Trump’s pick for next Fed Chair, market sources said.

Deals kept trickling though the primary market however. In the Middle East and Africa region, the Emirates NBD is roadshowing a possible deal for five-year notes, according to a market source.

Oman’s Mazoon Electricity Co. SAOC was also expected to price Wednesday a $500 million 10-year sukuk to yield 5.2% to 5¼%.

Meanwhile, three deals were roadshowing including a Credit Europe Bank NV transaction for tier 2 notes, the Kazakhstan Temir Zholy dollar benchmark that is roadshowing until Nov. 7 and Petropavlovsk plc’s up to $450 million offering of five- or seven-year dollar notes, a London-based market source said.

In Latin America, Mexico’s Grupo Bimbo SAB de CV scheduled fixed-income investor meetings for a U.S. dollar-denominated offering of senior unsecured notes this week and wrapping up on Monday, a market source said.

The primary market for emerging markets was expected to remain firm in November after a pretty robust October.

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