Icici issues bonds; bonds move on oil prices amid limited liquidity; Bahrain notes suffer

By Christine Van Dusen

Atlanta, Dec. 9 – India’s Icici Bank Ltd. sold notes on a Tuesday that saw investors take a risk-off approach to emerging markets assets, particularly those from Asia and some of Latin America.

“As commodities continue to trade poorly and year-end liquidity remains dire, we’ve seen some serious moves on plenty of bonds,” a London-based trader said.

Indonesia’s 2044s traded up a ¼ point to 125 5/8 while China’s Agile Property Holdings Ltd. saw its 2017s trade down at 96, a London-based analyst said.

High-grade bonds from Asia were unchanged to 3 basis points wider on Tuesday morning, with notes from Malaysia energy-focused corporates hurt by the plunge in oil prices, the analyst said.

“China high-yield oil corporates were marked 2 bps to 5 bps lower as well,” he said. “India consolidated after the rally yesterday, with the sector unchanged to a couple bps wider.”

From the Middle East, Bahrain bonds – particularly the 2044s – were hard-hit, moving 25 bps to 55 bps wider across the curve over the month in response to the change in oil prices, the trader said.

In deal-related news, Croatia set a roadshow and India’s Reliance Industries and China’s Citic Ltd. took steps toward printing new deals.

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