Morning Commentary: Qatar ties ‘strengthening’; Belarus, Sibanye Gold, EuroChem eyed in week ahead

By Colin Hanner

Chicago, June 16 – The new issue space was quiet on Friday in emerging markets leading up to what is expected to be another week of steady supply before a usually still July.

“[New issues] varied by geography this week” in Russia, Africa and Turkey “and varied by currency” in dollars and euros, “so [there was] a broad range of CEEMA debt on the week,” a market source said.

“We’ve not seen any Middle East supply, but that’s not surprising given we’re in the middle of Ramadan now.”

As it relates to the Middle East, conflict with Qatar has seen “no further meaningful developments,” though a $12 billion agreement by the United States to sell fighter jets to the sovereign is seen as “further strengthening the ties between the two countries,” a market source said.

Pipeline ahead

As for next week, the Republic of Belarus will begin an investor roadshow on Monday for a dollar-denominated offering of five- and 10-year notes, a market source said.

Citigroup and Raiffeisen Bank International were mandated for the deal.

Sibanye Gold Ltd. finished up investor work on Wednesday, a market source said, and is likely to join the new issue pool early next week with a planned $1 billion of bonds.

The mining company is based in Westonaria, South Africa.

And EuroChem Global Investments Ltd. is expected to come the June 19 week with a dollar-denominated set of notes after finishing up a roadshow on Thursday.

The fertilizer company is based in Moscow.

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