EM investors move down credit curve as Jordan and Sibur hit screens
A flurry of emerging market deals on Tuesday were proof, according to bankers, that bond investors are moving down the credit curve. The Hashemite Kingdom of Jordan launched a senior unsecured dollar benchmark, while Sibur, the Russian investment grade petrochemical company, was also set to finalise a dollar deal on Tuesday afternoon.
Jordan, rated B1/B+/BB-, set initial price thoughts of 5.375% area and 6.365% area respectively for five and 10 year tranches.
The issuance will be a senior unsecured RegS/144A trade to be listed on the London Stock Exchange. The deal is expected to close on Tuesday afternoon.Joint lead managers are ...