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Emerging markets remains reslient as MENA violence escalates

South-Africa based retailer Edcon is due to launch a dual tranche Eurobond transaction this week.


February 21, 2011 12:49 by

EM bonds are facing conflicting signals this morning as escalating violence across North Africa and beyond lends itself to risk aversion plays although in truth non-MENA sovereigns continue to resist contagion from the troubled region.

In fact the latest mark up in oil prices provides obvious comfort to leading energy exporters like Russia, Kazakhstan and Venezuela while European equities are holding up well this morning.

With traditional Monday lethargy exacerbated by the US Presidents’ Day holiday activity is likely to be subdued over the session although price action could be choppy given low volumes and the potential for negative headlines out of MENA.

In the primary market Ukraine’s 100% state-owned savings bank, Oschadbank (B3/NR/B) is due to release price talk early this week for a debut Reg S only five-year bond with Credit Suisse and Morgan Stanley. Oschadbank’s obvious comp is the Ukreximbank 8.375% April 2015s that were yielding 7.60% last Friday.

South-Africa based retailer Edcon is due to launch a dual tranche Eurobond transaction this week. The company has been marketing a two-part EUR400m-equivalent senior secured seven-year non-call three note, denominated in dollars and euros, which will be used to refinance existing debt and hedging obligations. Deutsche bank and Goldman Sachs are the leads. Having finally agreed the structures for its debut Eurorouble transaction the Russian Federation (Baa1/BBB/BBB) may be ready to open a book as early as this week for the groundbreaking offering. Other potential sovereign issuers this week include Turkey while Croatia’s next dollar bond is slated for March.


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