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Ukraine, Petrobras deals slip in debut trading; KazTransGas prices; South Africa on deck
By Rebecca Melvin
New York, Sept. 19 – Three new emerging markets deals slipped in first-day trading on Tuesday after those issues priced at terms that were tight compared to initial talk.
The new Ukraine 7 3/8% notes due 2032 were seen in trade at 99½ bid, 99¾ offered after the sovereign priced $3 billion of the 14¼-year notes at the tight end of 7 3/8% to 7½% price talk.
Two tranches for $2 billion by Brazil’s Petrobras also traded down, but one source chalked up the weakness to technical factors that will shake out shortly.
The 5.3% notes due 2025 traded down between 3/8 point to ½ point on Tuesday, and the 6% notes due 2028 traded down a full point, a New York-based analyst said.
The Petrobras deal was structured a little differently than usual in that there was a private exchange tied to the deal, so there was some selling of the new bonds ahead of the exchanges settling next week, said the analyst.
Meanwhile Kazakhstan’s KazTransGas JSC (KTG) launched and priced $750 million of 4 3/8% 10-year notes (expected rating: //BBB-) at 99.799 to yield 4.4%, according to a market source.
The Republic of South Africa also launched dual tranches of dollar-denominated notes that had not priced by the end of the U.S. session.
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