Shui On Land issues notes; Russia, Ukraine, Petrobras get attention; Mumtalakat on deck

By Christine Van Dusen

Atlanta, Nov. 17 – China’s Shui On Land Ltd. sold notes on Monday as many investors focused on Russia while bonds from Brazil continued to suffer as a result of the Petroleo Brasileiro SA (Petrobras) scandal.

On Friday, more than 20 people were arrested in association with a corruption investigation into Petrobras and some of its contractors. As a result, the oil company is delaying the release of its quarterly earnings report and may not share the numbers until the end of the year.

On Monday morning, trading was quiet but Petrobras’ bonds were about 15 basis points to 20 bps wider, a New York-based trader said.

Also from Brazil, notes from Odebrecht SA – which caught a bid late on Friday after being down 5 points on the day – moved lower on Monday, he said.

“It’s now off 7 points since Thursday’s close,” he said.

Bonds from other emerging markets – particularly in Central Europe, the Middle East and Asia – moved slightly wider on Monday morning, a London-based analyst said.

“But moves were fairly limited,” he said.

Meanwhile, the markets were reacting to word that the leaders at the Group of 20 meeting criticized President Vladimir Putin for his country’s involvement in the Ukraine conflict.

In deal-related news, Bahrain Mumtalakat Holding Co. BSC set talk for an upcoming deal, Turkey’s Treasury mandated bookrunners and Kazakhstan’s KazStroyService Global BV postponed plans for an offering of notes.

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