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Benin, South Africa’s Sappi announce euro offerings; secondary market tightens
By Rebecca Melvin
New York, March 11 – Emerging markets debt saw a pair of new deal announcements on Monday as the new issue market for the Central & Eastern Europe Middle East and Africa region continues to disappoint in general, according to market sources.
The West African country of Benin announced that it is planning to price a benchmark-sized offering of euro-denominated notes of up to an eight-year final maturity. Roadshow meetings are set to begin on Tuesday.
South Africa’s Sappi Papier Holding GmbH announced plans to price €450 million of senior notes due 2026 as part of a refinancing of existing notes.
In addition, Israel’s Formula Systems (1985) Ltd. said that it is considering offering series C debt securities, subject to approvals from regulators and the company’s broad of directors.
Meanwhile the secondary market continued to run strong. South Africa spreads were a tighter on Monday and the new Qatar notes were 3 basis points to 4 bps tighter, which helped to support the whole market curve.
There were no new dollar issues announced or priced in Latin America. Work and school activities in Venezuela remained suspended again on Monday as electricity outages affecting 70% of the nation continued, although pockets of the country had been restored to power.
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