Emerging markets quiet, trading volumes low; Agile sets talk; Cerro del Aguila preps deal

By Paul A. Harris

Portland, Ore., Aug. 7 – Emerging markets were quiet on the early August Monday, according to a trader in New York.

Trading volumes are low, the source added.

Slow new issue volumes common for this time of year are being exacerbated by earnings blackouts, the source said, adding that emerging markets issuers tend to be somewhat slower coming out of such issuance blackouts than corporate issuers in other sectors of the markets.

In deal related news, Chinese property developer Agile Group Holdings Ltd. guided its $200 million offering of five-year senior notes (B1/B+) to yield in the 5¾% area. The debt refinancing deal is expected to price on Tuesday.

Peru’s Cerro del Aguila is expected to price $650 million of 10-year senior notes (Baa3/BBB-) during the middle part of the Aug. 7 week. The offer has been marketed by means of an investor roadshow set to wrap up on Tuesday, when price talk is expected, and the offer is set to price after that.

Talk wound tighter on Monday for the Gabonese Republic’s $200 million tap of its 6.95% notes due 2025, according to a market source. The deal, being led by Deutsche Bank, was heading out with talk at 6.85%, down from earlier guidance of 6.9%. Initial guidance was in the 7% area, the source said. Pricing is expected Tuesday.

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