Ecobank, Bulgarian Energy deals to roadshow next week; EM credit spreads slightly tighter

By Rebecca Melvin

New York, June 13 – Two new deals joined the new issue calendar on Thursday for the Central & Emerging Europe, Middle East and Africa region, and spreads were a little tighter in secondary dealings, likely on the back of some investor buying into the weekend. But the market overall remained thin and illiquid, a London-based trader said.

For Latin America, the primary market remained quiet but there was an uptick in appetite across the markets for riskier assets including emerging markets credit, a New York-based sellside source said as well.

In the CEEMEA primary, Africa came into focus again as pan-African banking group Ecobank Transnational Inc. announced a deal of U.S. dollar-denominated notes that will begin roadshow meetings on Monday.

“They may get some traction; we’ll have to see,” the trader said of the new deal going up on the calendar.

Bulgarian Energy Holding EAD, a state-owned electricity and gas company, also announced plans to hold a roadshow next week for an offering of euro-denominated notes. The deal, subject to market conditions, is being floated concurrently with the company’s tender for €500 million of 4¼% bonds due 2018.

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