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Morning Commentary: New South Africa notes flat to slightly higher; new KazTranzGas a little weaker
By Rebecca Melvin
New York, Sept. 20 – The Republic of South Africa’s $1 billion of new 10-year notes and $1.5 billion of new 30-year notes were trading flat to slightly better upon release for secondary market action early Wednesday, according to a market source.
The new South Africa 4.85% notes due 2027 were seen at 99.88 bid, 100.08 offered, and the new 5.65% notes due 2047 were at 100.12 bid, 100.37 offered. Both deals were priced at par with yields at issue just slightly tighter than those talked.
But the new issue of KazTransGas JSC slipped to about 99¼ after the Kazakhstan gas supply company priced $750 million of the 4 3/8% 10-year notes at 99.799 on Tuesday.
The KazTransGas notes priced right where they had been talked. The pricing action suggests new issue secondary market action is slightly weaker from what is was. On Tuesday, three new emerging markets deals slipped in first-day trading after those issues priced at terms that were tight compared to initial talk.
Wednesday’s primary market still had some steam however. The Republic of Slovenia plans to add up to €700 million on Wednesday to its existing 2027 notes and 2040 notes, and Mexico’s Mexichem SAB de CV will start investor meetings for an offering of dollar-denominated notes.
The Mexichem roadshow is set to wrap up Sept. 26 after meetings in Mexico, Santiago, Los Angeles, Boston, New York and London. Calls to Israeli investors are also planned.
There was a bit of caution however ahead of the U.S. Federal Open Market Committee meeting, which was slated to release a monetary policy update Wednesday afternoon.
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