Metinvest, Minerva take dollar deals on the road; market players eye FOMC meeting

By Rebecca Melvin

New York, March 20 – The Ukraine’s Metinvest BV announced on Tuesday it is taking a dual-tranche offering of dollar notes on the road starting on Wednesday, and Brazil’s Minerva SA is starting roadshow meetings on Wednesday for a planned perpetual offering. But, emerging markets overall were mostly quiet as market players hesitated ahead of the start of the two-day meeting of the Federal Open Market Committee, a London-based market source said.

Also joining the new issue calendar was Brazil’s Centrais Electricas de Sergipe (Celse), which plans to issue Brazilian real-denominated notes backed by Swiss Export Risk Insurance, with the electricity company selling the notes under Rule 144A and Regulation S via bookrunner Goldman Sachs.

There were a number of new deals in Asia and deals added to the calendar from India including natural resources company Vedanta Ltd., which plans to issue up to Rs. 45 billion of secured redeemable nonconvertible debentures, according to a release.

In secondary market trading, bond spreads remained somewhat mixed, with Egypt and Lebanon notably wider while Saudi Arabia’s sovereign notes were tighter in the Middle East & Africa region.

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