Emerging markets quiet; funds see $851 million of inflows; China Development prices add-on

By Aleesia Forni

Columbus, Ohio, March 23 - Emerging markets saw a quiet session on Friday, according to one market source.

Cash continued to flow into emerging markets bond funds, which saw $851 million of inflows for the week, according to a figure provided by fund-tracker EPFR Global. This was less than last week's $1.43 billion.

The latest week's flow increases year-to-date inflows to $4.12 billion, according to a Prospect News analysis of the data.

This marks emerging markets bond funds' best start to a year on record, according to information released by EPFR Global.

The Markit iTraxx SovX CEEMEA index, which tracks Central and Eastern Europe, the Middle East and Africa credit-default swaps, traded at 270 basis points during the Friday London session, 16 bps tighter on the week.

In the primary market, China Development Bank Corp. priced an add-on, while Teva Pharmaceutical Industries Ltd. is planning an offering of senior notes.

China Development add-on

China Development Bank (Aa3/AA-/A+) priced a RMB 1 billion add-on to its existing 4.2% offshore bonds, according to a buyside source.

Barclays Capital is the bookrunner.

Proceeds will be used to fund renminbi-denominated loans, for working capital and for general corporate purposes.

China Development Bank is a financial institution based in Beijing.

Teva Pharmaceutical offer

Teva Pharmaceutical intends to offer euro- and Swiss franc-denominated senior notes, according to a 6-K filing with the Securities and Exchange Commission.

The Petach Tikva, Israel-based pharmaceutical company intends to use proceeds from the anticipated Regulation S offering to refinance maturing debt.

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