Morning Commentary: More deals join primary calendar; ADB pricing $4 billion five-year notes

By Rebecca Melvin

New York, Sept. 6 – Emerging markets saw more deals join the primary calendar early Wednesday, and the Philippines’ Asian Development Bank was pricing $4 billion of five-year notes to yield mid-swaps plus 12 basis points after orders of $6.2 billion for the offering.

In addition to ADB, a pair of deals emerged with Latin America focus, including GeoPark Ltd. offering to pay for a tender of its subsidiary’s $300 million of the 7˝% senior notes due 2020. A roadshow for the deal was slated to begin Friday, with meetings set to wrap up Sept. 13. Credit Suisse and Goldman Sachs are the banks involved in the deal for the Buenos Aires-based oil and gas company.

Meanwhile Adecoagro SA is also planning to sell dollar-denominated notes with banks including JPMorgan, Itau BBA and Morgan Stanley set to run the books for the Rule 144A and Regulation S offering.

The quick restart for Latin America’s emerging primary market was chalked up to the fact that September is generally a busy month for this market and because there are a number of elections scheduled in Latin America in the next year and issuers are trying to get ahead of that, a New York-based sellsider said.

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