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China Merchants, Brazil’s Votorantim bring deals to primary; Cnooc, Sinopec trade wider
By Aleesia Forni and Christine Van Dusen
Atlanta, May 7 – China Merchants Bank Co. Ltd. and Brazil’s Votorantim Cimentos SA were in Thursday’s primary market selling new issues.
Though Asian credits started the session on firm footing, that changed as U.S. Treasuries sold off after the London open, a London-based trader said.
“High-grade cash closed the day 1 basis point to 3 bps wider,” he said. “New issues took most of the hit.”
He pointed to China-based Cnooc Ltd.’s new 3½% 2025 notes, which traded down to a wide of 147 bps before closing 3 bps wider at 158 bps bid, 155 bps offered.
The company’s 2 5/8% 2020s were seen on Thursday at 127 bps before ending the day at 129 bps bid, 126 bps offered.
And the new 4.2% 30-year notes were unchanged from the day before, he said, at 150 bps bid, 142 bps offered.
China Petroleum & Chemical Corp. (Sinopec Group) saw its 3¼% notes due in 2025 trade between 141 bps and 144 bps before closing at 146 bps bid, 143 bps offered, wider by 3 bps. The notes priced at 99.022 to yield 145 bps.
Sinopec’s 3¼% 10-year notes that priced at 99.022 to yield 145 bps traded at 120 bps on Thursday before closing at 122 bps bid, 119 bps offered, about 1 bp wider than on Wednesday.
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