EM bonds rally; AES Panama taps market; O’Hara sends out proxy; Oman bank joins calendar

By Christine Van Dusen

Atlanta, June 18 – Though many bonds from Europe and Asia rallied on Thursday morning as investors adjusted to the continuing turmoil in Greece, issuance was scarce, with just AES Panama SRL bringing a new deal to the primary market.

“European sovereign debt rallied with the exception of Greece, although peripheral debt spreads have widened versus bunds,” according to a report from Barclays Research.

Banks from China were standouts, a London-based trader said.

“China banks, which have been very strong throughout the weakness, rallied to new tights,” he said. “Bank of China’s 2024s traded up at 230 basis points, 6 bps tighter.”

Bonds from Korea closed the Asian session unchanged while India’s bonds moved 1 bp to 3 bps tighter, he said.

“Malaysia closed 5 bps tighter,” he said.

In deal-related news, National Bank of Oman SAOG is looking to issue up to $500 million of perpetual notes, a market source said.

Citigroup, Credit Agricole, National Bank of Abu Dhabi and Societe Generale CIB are the bookrunners for the transaction.

Meanwhile, Latin America-focused Pacific Rubiales Corp. was once again in the news, this time after the O’Hara Administration and other creditors opposed to the takeover from Mexico’s Alfa SAB de CV and Harbour Energy Ltd. sent a proxy circular and letter to Pacific Rubiales’ shareholders.

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