Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers E > Headlines for Sharjah > News item |
Investors show caution, then confidence; Sharjah ticks higher; Isbank widens; Lat-Am performs
By Christine Van Dusen
Atlanta, Jan. 21 – Emerging markets investors were cautious on Thursday morning – as oil prices remained low and the European Central Bank was set to make a policy decision – but later in the day felt more confident and returned to buying.
In trading, the new issue from the Emirate of Sharjah – $500 million 3.839% notes due in 2021 that priced Wednesday at mid-swaps plus 250 basis points – moved up a quarter-point on Thursday morning, a trader said.
From Latin America, bonds from Panama started the day with a “better tone,” a London-based trader said. Buyers were spotted for the sovereign’s 2024s and 2053s.
At the end of the session, Brazil’s five-year credit default swaps spreads closed at 502 bps from 506 bps, while Mexico’s moved to 206 bps from 213 bps.
“Cash prices do very well today as the U.S. Treasury selloff is offset by spread tightening,” a New York-based trader said.
High-yield names from the region also performed well on Thursday, with Venezuela and PDVSA’s bonds moving higher. Venezuela’s 2027s closed at 34 from 33 while PDVSA’s 2017s finished at 42 from 40.
Investors were keeping an eye on Turkey-based Turkiye Is Bankasi AS (Isbank) after an economic advisor to the country’s president called for nationalization of the bank, which is 28%-owned by the opposition Republic People’s Party (CHP).
In response, Isbank’s bonds traded 20 bps wider, in line with other Turkish banks.
© 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.