Issues from Burgan Bank, Samarco Mineracao, Zhejiang Energy, Guocoland; Turkey widens

By Christine Van Dusen

Atlanta, Sept. 23 – Kuwait’s Burgan Bank SAK, Brazil’s Samarco Mineracao SA, China’s Zhejiang Energy Group (Hong Kong) Ltd. and Singapore’s GuocoLand Ltd. sold notes on Tuesday amid limited flows for most emerging markets assets.

“Ukraine continues to see more positive headlines, with Kiev stating that they were seeing less shelling from the rebels and that prisoner swaps are continuing,” a London-based analyst said. “Russian banks are marginally tighter this morning, with sovereign credit default swaps 2 basis points tighter.”

Turkey moved wider, he said, on the back of the move in rates.

From the Middle East, Abu Dhabi Commercial Bank’s 2019s were underperformers on Tuesday morning, trading at about z-spread plus 105 bps after launching at z-spread plus 87.5 bps, he said.

Some selling was seen for Emirates NBD, a London-based trader said.

“Elsewhere it feels like there were more buyers for Al Hilal Bank, Dubai Islamic Bank, and Abu Dhabi Islamic Bank’s perpetuals ticked higher,” he said, “Sharjah Islamic Bank’s 2024s traded well again, closing at 101.40 bid, 101.65 offered.”

Meanwhile, demand was seen for DPWorld and Dubai sovereign paper, he said.

In other news from the region, market sources were whispering about a possible issue of notes planned by the Dubai International Financial Centre (DIFC).

From Latin America, Brazilian corporates sold better in the Street, a New York-based trader said, but recent new issues were quiet during the morning.

© 2015 Prospect News.
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