Sinopec, Noor Bank sell notes; market a ‘mixed bag’; Asian issues tighten; roadshows ahead

By Christine Van Dusen

Atlanta, April 21 – China Petrochemical & Chemical Corp. (Sinopec Group) and Dubai’s Noor Bank PJSC were among the issuers to print notes on a mixed Tuesday for emerging markets assets.

“Overall, the market is a real mixed bag,” a London-based trader said. “It feels like a lot of pass-the-parcel, with the bevy of auctions that run all day every day, and the secondary is proving quite tricky at times. Moderately active day, with balanced flows.”

From Latin America, trading activity was mostly limited to names like Brazil-based Petroleo Brasileiro SA, Mexico’s Cemex SAB de CV and Chile’s Cencosud SA, he said.

Looking to Asia, the tone improved on Tuesday, with high-grade bonds closing unchanged to a couple of basis points tighter, a trader said.

“Quieter, in terms of flow, but new issues continued to squeeze tighter,” he said.

The recent notes due in 2025 that Taiwan’s Formosa Plastics Group priced at a spread of 157 bps over Treasuries traded Tuesday at 159 bps before moving to 161 bps bid, 158 bps offered, he said.

China’s Haitong International Securities Group Ltd.’s 3½% notes due 2020 that priced at 98.8910 to yield Treasuries plus 220 bps traded at 213 bps and closed at 216 bps bid, 213 bps offered.

In deal-related news, Nigeria’s Africa Finance Corp. set initial talk for a new deal while Oman Electricity Transmission Co. SOAC and China’s Beijing Enterprises Holdings Ltd. planned roadshows.

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