China Orient Bank prices bonds; leaders from Ukraine, Russia meet; guidance from Link REIT

By Christine Van Dusen

Atlanta, Aug. 26 – China Orient Bank Corp. sold notes on a quiet Tuesday for emerging markets assets, following the holiday in the United Kingdom, as the presidents of Ukraine and Russia met to talk about gas supplies and trade.

Sovereign bonds from Ukraine entered the shortened week lower while credit default swap spreads for Russia were mostly flat and trading activity was limited.

In other news from Russia, Moscow-based OAO TMK released second-quarter earnings that came in slightly below consensus.

The company’s 2017 bonds have widened almost 200 basis points and the 2020s about 177 bps since the United States’ sanctions and as a result of a low cash balance, a London-based analyst said.

In other deal-related news, China’s Link Real Estate Investment Trust set talk at Treasuries plus 145 bps for a dollar-denominated issue of benchmark-sized notes due in 10 years, a market source said.

Market sources were also whispering about a possible five-year issue of dollar notes from India-based Reliance Communications Ltd.

Philippines’ Rizal Commercial Banking Corp. is looking to reopen its 5 3/8% notes due Sept. 27, 2024.

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