New World Development prices; Nomos-Bank sets roadshow; Buenos Aires, Santander active

By Christine Van Dusen

Atlanta, April 1 - Emerging markets were hushed on Thursday as investors and issuers looked ahead to Friday's release of important U.S. payroll data and cut out early for the Easter holiday, market sources said.

"There's not much going on," a London-based market source said.

The day was so slow, one London trader said that "we may as well have not been here."

The only thing on his radar screen was the U.S. Department of Labor's upcoming report on payroll growth for March, which will be released Friday. "That's the only thing of note," he said.

This follows the recent release of ADP's National Employment Report, which showed that private sector employment in March had decreased by 23,000 when forecasts had called for a gain of 40,000.

"It's odd that they're releasing the payroll numbers on a holiday day," the trader said. "It's a bit weird, particularly with it being a quite wild number given the factors involved and the massive range of analyst expectations."

For this reason and the upcoming Easter holiday, new issuance was muted on Thursday, the trader said. "I know of no imminent deals, at least in my world," he said. "For sure they'll be coming, but nothing right now."

The only new issue that other market sources mentioned Thursday came from Hong Kong's New World Development Co. Ltd., which priced $250 million 7% bonds due 2020 to yield 6.68%. Fita International Ltd. sold the bonds, which are guaranteed by New World Development. The issue was an add-on to the $500 million 7% bonds due 2020 that were issued in February 2010.

And a deal from Russia's Nomos-Bank is in the works. The Moscow-based lender will hold a roadshow in April for an expected offering of notes via UBS, VTB Capital and Nomos-Bank.

Recent new deals strengthen

On the secondary side, the city of Buenos Aires' $475 million 12½% notes due April 6, 2015 that on Tuesday priced at par to yield 12½% were "still flying" on Thursday at 105 to 105.20, a Europe-based trading source said.

Banco Santander Brasil's $500 million 4½% notes due April 6, 2015 - which priced Wednesday at 99.77 to yield Treasuries plus 200 basis points - were up 0.50 over the issue price during European trading, he said.

And Banco ABC Brasil SA's $300 million 7 7/8% tier 2 notes due April 8, 2020 that priced Wednesday to yield 8 1/8% were "around the issue price in the secondary" on Thursday, he said.

But other than that, all was fairly quiet, sources said.

"People are already gone or are drifting out" for the holiday, the London trader said.

New World Development prices

Hong Kong developer New World Development priced $250 million 7% bonds due 2020 to yield 6.68%, according to an informed market source.

HSBC, JPMorgan and Morgan Stanley were the bookrunners for the deal, which includes a change-of-control put at par and a make-whole call at Treasuries plus 50 bps.

Fita International will sell the bonds, and New World will guarantee them. The bonds are an add-on to the $500 million 7% bonds due 2020 that were issued in February 2010.

Nomos-Bank sets roadshow

Russia's Nomos-Bank will hold a roadshow for a planned issue of notes in early and mid-April, according to a market source.

UBS, VTB Capital and Nomos-Bank are the bookrunners for the deal.

No other information was available on the offering late Thursday.

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