Emerging markets trade actively; Korea Western Power prices $500 million five-year notes

By Aleesia Forni

Columbus, Ohio, May 3 - Emerging markets saw an active trading day on Thursday with "very solid" interest and demand, according to a London-based source.

All debt in the Russian space tightened by 10 basis points to 20 bps on the day, the source added.

Dubai's bonds due 2022 saw 102 bid on Thursday, which is "impressive," the source remarked.

Dubai priced a $650 million tranche of 6.45% 10-year paper at par on April 25.

"Basically, it's the same story," the source said. "People want to buy [into emerging markets] and are hesitant to do so whenever some new Euro mess comes along."

The Markit iTraxx SovX CEEMEA index, which tracks Central and Eastern Europe, the Middle East and Africa credit default swaps, was 3 bps tighter from Wednesday's close and sat at 285 bps during Thursday's London session.

Korea Western Power issue

Korea Western Power Co. (A1/A) priced $500 million 3 1/8% five-year notes at Treasuries plus 235 bps, according to a market source.

The spread came on top of final price talk.

The deal priced at 99.798 to yield 3.169%.

JPMorgan, Barclays Capital, Morgan Stanley and RBS were bookrunners.

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