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Morning Commentary: EM mostly firm, quiet on Friday; South Africa’s Eskom eyes deal
By Rebecca Melvin
New York, July 27 – Emerging markets debt was firm but mostly quiet early Friday with the hard-currency new issue market decidedly inactive, although South Africa’s Eskom Holdings SOC Ltd. has mandated banks and scheduled a series of fixed-income investor meetings for a planned offering of U.S. dollar notes.
There is a trickle of issuance, and that is likely to dry up when the calendar flips to August, market sources say.
There were a few local-currency new issues, including Indonesia’s 350 billion rupiah of 6.1% sukuk negara due 2037 issued to yield 8.56% on Friday by the Ministry of Finance, according to a term sheet.
Also, Pune, India-based Bajaj Finance Ltd. sold Rs. 700 million of 8¾% secured redeemable debentures due 2023.
Eskom’s up to 10-year bond
Eskom, a state-run electric utility based in Johannesburg, plans to hold meetings starting on Monday in London and the United States. Meetings will wrap up on Wednesday with a deal to follow subject to market conditions.
Barclays, JPMorgan, Standard Bank and ABSA Bank are bookrunners for the Rule 144A and Regulation S deal.
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