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Banco Santander Chile prices $500 million; market tightens during U.S. session
By Paul A. Harris
St. Louis, Nov. 9 - Emerging markets gained ground versus Treasuries during the U.S. session, according to a buy-side source.
The EMBI-Plus index finished trading at 305 bps bid, 8 bps tighter on the day, at the New York close.
Earlier Monday it was a mixed picture, with respect to high-grade sovereign credit default swaps (CDS), at the European close, according to a market source.
Brazil five-year CDS were unchanged at 133.35 bps mid. Russia five-year CDS were flat to slightly wider at 188.85 bps mid. Mexico, meanwhile, was 2 bps wider at 163.65 bps mid.
High-yield Latin American sovereign CDS also presented a mixed picture.
Argentina, at 1,049 bps mid, was closing the European session 10.5 bps tighter. Venezuela was 2 bps wider, however, at 1,115.85 bps mid.
Russian corporate five-year CDS were also mixed.
OAO Gazprom five-year CDS were 2.82 bps wider at 254.15 bps mid. VTB Bank, at 347.75 bps mid, was 12.25 bps tighter heading into the European close.
Banco Santander Chile
In primary market news, Banco Santander Chile priced a $500 million issue of three-year notes (Aa3/A+) at a 157 bps spread to Treasuries on Monday.
The spread came toward the tight end of the Treasuries plus 160 bps points area price talk.
Deutsche Bank, JPMorgan and Santander led the Rule 144A/Regulation S deal.
Sappi earnings 'pretty good'
In the secondary, Johannesburg-based Sappi Ltd. posted its fourth-quarter results. A trader said the numbers were "pretty good."
"[The bonds] might be moving up in sympathy with the sector," he said. But despite any positive feelings generated by the company's earnings, in terms of price levels Sappi's bonds looked "unchanged," the 6¾% notes due 2012 at 95.5 offered.
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