Primary hosts huge euro deal from Pemex; Russia, Kazakhstan eyed; MAF, Paraguay prep deals

By Christine Van Dusen

Atlanta, Feb. 14 – Petroleos Mexicanos SAB de CV (Pemex) priced a whopping €4.25 billion of notes in three tranches – the biggest euro-denominated deal ever from an emerging markets corporate issuer – on a supportive Tuesday for the asset class.

“Uncertainty prevails in the political spectrum which, ironically, has maintained a supportive backdrop for EM,” a London-based analyst said.

Russia was also in focus after Fitch Ratings said that near-term prospects for retail banks were improving amid a reduction in loan impairments and funding rates.

Investors were keeping an eye on Kazakhstan after the government announced a plan to support the country’s lenders.

In trading, sovereign bonds from Turkey saw some activity. The 7½% notes due 2017 were seen Tuesday at 102.31 bid, 102.52 offered. The 7% notes due 2020 traded at 108¾ bid, 109¼ offered. And the 6 5/8% notes due 2045 traded at 104.16 bid, 104.78 offered, a trader said.

In deal-related news, Ronshine China Holdings Ltd. set talk in the 8 1/8% area for a tap of its dollar-denominated 6.95% senior notes due 2019, a market source said.

Dubai’s Majid Al Futtaim Holding LLC has mandated HSBC, Standard Chartered and National Bank of Abu Dhabi as bookrunners for a benchmark-sized issue of dollar-denominated perpetual bonds, a market source said.

Paraguay is looking to issue $550 million of notes in March, a market source said.

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