Macedonia, Israel, Argentina plan deals; snow blankets Wall Street as storm pummels East

By Rebecca Melvin

New York, Jan. 4 – The emerging markets primary calendar continued to build on Thursday with deals announced by Macedonia, Israel and Argentina. But market activity may still have been curbed by a heavy snowstorm that produced blizzard conditions in New York, Boston and other parts of the Eastern United States during the session.

There was no word on pricing at the end of the day on the Argentina tranches for which books were open early in the day.

While it was not known definitively whether emerging market trades were hindered by the severe U.S. storm, there were several investment-grade trades that were postponed because of it, a New York-based bank source confirmed.

Thursday’s new emerging markets deals added to new deals announced and priced on Wednesday by Mexico and Banco del Estado de Chile and mandates announced by Oman and Slovenia.

Emerging markets have started 2018 on a strong note, and the positive sentiment will likely encourage more issuers to bring deals in the coming weeks, sources say.

The secondary market remained strong as well. Meanwhile, a melt up in U.S. stocks continued. Positive global economic growth has helped fuel the rally in U.S. stocks and has also encouraged more investors to venture into emerging markets.

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