Emirates NBD brings 3.5-year deal; Brazil 30-year paper eases on quiet summer Friday

By Paul A. Harris

Portland, Ore., July 22 – A quiet summer Friday saw buyers step in during the New York afternoon, trailing better sellers during the morning session, a source said.

Sentiment on politically embattled Turkey, which improved throughout the day, boosted the index by 25 cents to 93.30 from 93.05.

Brazil five-year credit default swaps tightened by 4 basis points to close at 286 bps bid.

Mexico five-year CDS ended at 139 bps bid, 2 bps tighter.

Latin America high yield ended the session unchanged.

Brazil’s new 5 5/8% global bonds due February 2047 (Ba2/BB/BB) eased overnight. The bonds, which priced at 96.464 to yield 5 7/8% on Thursday, were trading at 96 bid, 96¼ offered at the New York open.

The long 30-year paper came in a $1.5 billion issue that played to nearly $6 billion of orders, a source said.

In deal-related news, Dubai’s Emirates NBD (A3//A+) priced a $500 million issue of 3.5-year senior floating-rate notes at par to yield Libor plus 155 bps on Friday, according to a market source.

Looking to the week ahead, the Republic of Trinidad and Tobago (Baa3/A-) mandated Deutsche Bank and First Citizens Bank to set up meetings with fixed-income investors ahead of a possible dollar-denominated offering of 10-year bonds, according to a market source.

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