BGK, Israel Chemicals, Logan price deals; Latvia, Kexim on deck; low-beta names holding in

By Rebecca Melvin

New York, May 23 – In the emerging markets debt primary on Wednesday Poland’s Bank Gospodarstwa Krajowego priced €1 billion of notes in two tranches, Israel Chemicals Ltd. priced $600 million of 6 3/8% 20-year notes, Logan Property Holdings Co. Ltd. priced a $100 million add-on to its 6 7/8% senior notes, while the Republic of Latvia and the Export-Import Bank of Korea each announced dual tranches of notes.

“The market is still open if issuers are willing to pay a bit more in concession,” a market source said of emerging markets.

The secondary market continued to be marked by differentiation. Argentina and Colombia were underperforming, Turkey was mixed as the lira dropped again, and Chile, Mexico and Peru – low-beta names – outperformed, a New York-based source, focused on Latin America, said.

Idiosyncratic stories are helping drive investors’ choices, and Colombia’s weakness may have been tied to its national elections, the source said.

Petroleos Mexicanos’ long 6¾% notes due 2047 were trading actively and ended the session at about 96 3/8, which is higher by 2 points in the last couple of sessions. Pemex’s 2046 notes were also active and ended at 85, which was up about 1.5 points in the last few sessions.

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