Ivory Coast, Alternatifbank sell bonds; Qatar sees sellers; South Africa plans issuance

By Christine Van Dusen

Atlanta, July 16 – Ivory Coast and Turkey’s Alternatifbank AS were among the emerging markets issuers to prints notes on a fairly active but low-liquidity Wednesday as conflicts continued in Israel and Ukraine.

Balancing things out, in terms of investor sentiment, were Tuesday’s unsurprising comments from the Federal Reserve.

“A relatively flat open,” a London-based analyst said.

Some bonds from the Middle East have seen some pull-back in spreads, a London-based trader said.

He pointed to paper from Bahrain and Kuwait, which now appears to be a “good value,” he said.

“We still tend to see buyers of the investment-grade names in seven- to 10-year paper from the usual suspects,” he said.

Perpetual notes from the region were “a mixed bag,” he said, and Aldar Properties PJSC’s 2018s were popular at 104¾ bid, 104.90 offered.

“Closing them 16 basis points tighter on the month,” he said.

Bonds from Qatar saw sellers on Wednesday, he said.

“Given that we are in the middle of July, it’s clear the respective client flows are pushing asset prices around,” he said.

Looking to Latin America, some names were weaker amid poor flows while others remained firm in the midst of minimal liquidity, a New York-based trader said.

In other news, South Africa is planning to issue dollar-denominated notes due in 2044 and euro-denominated notes due in 2026.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.