Hunt Oil prices, trades well; EM tighter as oil prices drop; Empresas CMPC deal quiet

By Rebecca Melvin

New York, May 25 – Hunt Oil Co. of Peru LLC’s newly priced 6 3/8% notes traded well early Friday after the San Isidro, Peru-based oil and gas company priced $600 million of the 10-year notes tight compared to initial talk, according to market sources.

The Hunt Oil notes came to the market with a 6.6% yield, which was considered cheap by market sources. It traded up from its reoffer of 99.235, sources said. But there was no news on pricing of Empresas CMPC SA, the Santiago, Chile-based pulp and paper company, which has talked an offering of dollar-denominated intermediate notes with fixed-income investors.

In the secondary market on Friday there was a surprising uptick in emerging market debt, which was trading well heading into the long holiday weekend.

“There were buyers across the board; other than Turkish banks, everything is tighter [on spread],” according to a London-based trader.

The Turkey sovereign curve was 10 basis points to 15 bps tighter on the day, while the banks were unchanged to 5 bps wider, the trader said. And there was demand for Africa and Middle East credits despite oil prices moving lower.

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