EM debt closes September on steadier footing; Papua New Guinea prices 10-year note

By Rebecca Melvin

New York, Sept. 28 – Emerging-markets debt was little changed on Friday as the books closed on September, which brought improved stability to much of emerging markets debt and emerging markets currencies compared to the volatile summer months, market players said.

It was “better than August!” a London-based trader said of the past month.

In addition to improvement in Turkey bonds for September, Argentina strengthened and the Middle East and Africa firmed especially the Gulf Arab states.

Papua New Guinea priced $500 million of 10-year notes (B2/B) at par late Thursday to yield 8 3/8%, which priced tight to initial talk in the 9% area. That deal was one of a handful of new issues priced in the past week.

The last week of September was slower than the previous week in terms of new deals but was still indicative of an open window for the emerging markets debt primary, according to a market source.

On tap for next week are deals for Saudi Basic Industries Corp., Gulf International Bank BSC and Al Khalij Commercial Bank for the Middle East and Africa and also Albania for the Central & Emerging Europe and possibly Banco Atlantida SA for Latin America.

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