EM tightens post Fed; Shougang, Bank of Bogota price; calendar grows; Venezuela unrest flares

By Rebecca Melvin

New York, July 27 – Emerging market credits were a little tighter on Thursday, with improved tone in most regions given the U.S. Federal Reserve’s policy setting meeting was in the rearview mirror, a market source said.

Meanwhile, Venezuela’s bonds slipped about 0.25 point to 0.5 point below Monday’s lows as unrest in Venezuela continued.

In the primary market, there was a mix of dollar-, euro- and local-currency denominated deals that priced and several issuers that joined the calendar.

In Asia, China steelmaker Shougang Co. Ltd. priced €400 million of 1.35% three-year senior unsecured notes (expected ratings: //A-) at mid swaps plus 142.5 basis points.

Banco de Bogota SA priced $600 million of 10-year senior notes (expected ratings: Baa2/BBB-/BBB) at 98.512 to yield 4.562%.

Also in the market is a planned $500 million, five-year benchmark for the Republic of Iraq, which starts roadshowing on Friday.

London-listed metals and energy company Vedanta Resources plc also plans to start a roadshow on Monday in London and Singapore for a dollar-denominated offering of seven-year, non-call four notes.

And Mexico City-based broadcaster TV Azteca SAB de CV has scheduled investor meetings for its planned $350 million of seven-year senior unsecured notes through to the middle of next week.

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