Issuance from Poland, Isbank; Lat-Am CDS tightens; roadshows for Ahli Bank, Alternatifbank

By Christine Van Dusen

Atlanta, March 30 – Poland and Turkey’s Turkiye Is Bankasi AS (Isbank) sold notes on a solid Wednesday for risky assets, as emerging markets bonds tried to maintain the Federal Reserve-inspired rally.

“Latin American credit closes tighter and higher but off the best levels of the day,” a New York-based trader said.

Brazil’s five-year credit default swaps spreads closed at 355 basis points from 367 bps, while Mexico’s moved to 157 bps from 163 bps.

“Cash prices are bid throughout the session, with a flattening bias seen in most curves, despite the steepening seen in the United States Treasury curve,” he said. “Latin American high yield also finished firmer on the session.”

Indeed, Venezuela's 2027s were slightly higher, at 40.10 from 40, and PDVSA’s 2017s closed at 52.75 from 51.50.

Argentina’s Bonar 2024s were up at 108.25 from 107.75, he said.

“Flows today saw mostly buyers of long and low-beta EM paper,” he said. “Sellers did emerge later in the day as the rally faded a bit into the close.”

In deal-related news, Qatar’s Ahli Bank QSC will commence a roadshow on Thursday for a dollar-denominated issue of benchmark-sized notes, a market source said.

Istanbul-based Alternatifbank AS will set out on April 3 for a roadshow to market a dollar-denominated issue of notes, a market source said.

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