Light activity due to Eid holiday; Norilsk Nickel plans roadshow; Sabic bonds trade weaker

By Aleesia Forni

Virginia Beach, Oct. 15 - Activity in emerging markets was sparse on Tuesday, as some players were away from their desks as parts of the Asian markets were closed for the Eid holiday.

However, the day's tone was "solid" despite light volumes during the session, according to a market source.

There was an announcement from Russia's OJSC MMC Norilsk Nickel that it had mandated BofA Merrill Lynch, Barclays, Citigroup, Sberbank and Societe General to host a roadshow, according to an informed source.

The roadshow for the proposed Rule 144A and Regulaion S deal will begin on Tuesday.

In secondary market action, a London-based trader noted that the recent 2 5/8% notes from Saudi Arabia's Saudi Basic Industries Corp. (Sabic) have "performed poorly on a spread basis," quoting the issue at 134 basis points bid.

The Riyadh-based manufacturer of chemicals, fertilizers, plastics and metals priced the $1 billion of five-year notes at Treasuries plus 130 bps on Sept. 26.

"Liquidity remains testing in parts," the London trader said.

Norilsk Nickel taps bookrunners

Russia's Norilsk Nickel has mandated banks to host a series of investor meetings ahead of a possible Rule 144A and Regulation S bond offering, according to an informed source.

The roadshow begins on Tuesday.

BofA Merrill Lynch, Barclays, Citigroup, Sberbank and Societe General will arrange the meetings.

The nickel and palladium producer is based in Moscow.

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