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Primary hosts Argentina’s CGC; Saudi Arabia megadeal popular; Entre Rios sets roadshow
By Christine Van Dusen
Atlanta, Nov. 2 – Argentina’s Compania General de Combustibles SA (CGC) sold notes on a Wednesday that saw active trading of Saudi Arabia’s $17.5-billion megadeal and poor sentiment for emerging markets bonds.
“Tricky day, all told, and a far cry from Tuesday morning,” a London-based trader said.
Investors were mostly looking ahead to the U.S. election, a London-based analyst said.
Meanwhile, the three tranches of notes from Saudi Arabia opened about 5 basis points wider, a trader said.
“Failing to keep pace with rates,” he said.
Trading of bonds from Bahrain and Oman were balanced, another trader said.
“However, they are a little exposed, being the weakest links the Middle East space, should oil come under pressure,” he said. “Liquidity outside of Saudi Arabia is a little patchy.”
The new issue of notes from Kuwait-based Equate Petrochemical Co. KSCC – $2.25 billion of senior notes due in 2022 and 2026 – was active on Wednesday, a trader said.
Investors also continued to keep an eye on South Africa.
In deal-related news, the Argentine province of Entre Rios is on a roadshow to market a dollar-denominated issue of notes, a market source said.
On Tuesday, Argentina’s Banco Macro SA priced $400 million 6¾% notes due Nov. 4, 2026 at par to yield 6¾%, according to a press release and a market source.
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