EM corporate pair endure bumpy ride in primary market
Nordgold and Veon Holdings both printed bonds on Wednesday. But a difficult market backdrop forced Veon to print at a smaller size than expected and at a wide end of revised guidance. The execution of Nordgold’s bond seemed smoother, but investors said it was struggling to stay above reoffer on Thursday morning.
Veon (neé Vimpelcom) printed $700m of 4% April 2025s at par. They were bidding at 100.2 on Thursday at around 9.30am London time.
But the issuer needed to backtrack on its pricing hopes during execution to get that performance out of the bond.Leads released initial price ...