Guidance from Berau Coal, Hai Chao Trading; Sharjah taps bookrunners; Lat-Am flat at close

By Christine Van Dusen

Atlanta, Aug. 11 – Indonesia’s Berau Coal Energy Tbk. set talk for a new dollar-denominated issue of notes on a quiet Monday, as investors seemed to take a quick breather from worrying about the latest geopolitical turmoil.

Latin American sovereign bonds saw spreads narrow by as much as 3 basis points amid quiet flows at the start of the week, a New York-based trader said.

At the close, some spreads remained tighter and Argentina managed to hold on to some gains, he said.

Meanwhile, paper from Venezuela finished the day mostly unchanged. The sovereign’s 2027s moved from 82¾ in the morning to finish flat at 82.35, he said.

On the corporate side, Brazil’s Petroleo Brasileiro SA (Petrobras) was a stand-out while other names stayed close to Friday’s levels, another New York trader said.

Mexico-based Cemex SAB de CV’s bonds continued to inch back after hitting a rough patch, he said.

Corporacion Nacional del Cobre de Chile (Codelco) saw two-way activity on Monday, he said, and Colombian bonds were quiet while corporates from Chile outperformed.

In deal-related news, China’s Hai Chao Trading Co. Ltd. set talk, the Emirate of Sharjah mandated bookrunners and two issuers – Turkey’s Dogus Varlik Kiralama and India’s Delhi International Airport (Dial) – looked to issue bonds.

Also on Monday, Ukraine-based Mriya Agro Holdings’ bonds suffered after the agricultural company failed to meet some debt obligations.

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