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Ecuador prices notes; Nigeria deal expected in early 2017; ACWA Power postpones offering
By Paul A. Harris
Portland, Ore., Dec. 8 – Emerging markets debt was slightly wider, heading into the New York afternoon, trailing the European Central Bank president Mario Draghi’s Thursday announcement that more money would be pumped into the eurozone economy until the end of 2017, and longer if needed.
Emerging markets debt had a decent tone during the London morning, according to a bond trader based there.
In the new issue market, Ecuador priced a $750 million deal at the tight end of guidance.
Elsewhere the new issue market was generally quiet, and could remain that way in the run-up to the new year, a trader said.
The window of opportunity for dealers to scare up a crowd will remain open for one or two days in the week ahead, then will close for all practical purposes, the source added.
The Federal Republic of Nigeria is expected to show up in the new year with $1 billion of sovereign bonds, a London-based trader said on Thursday. Although there have been no official announcements, the deal is expected in January.
Saudi Arabia’s ACWA Power Management and Investments One Ltd. postponed its proposed dollar-denominated offering of notes after a week-long roadshow, according to a London-based bond trader.
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