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Gabon sells notes; mixed trading amid Treasury turbulence; recent Asian issues draw orders
By Christine Van Dusen
Atlanta, June 9 – Gabon was among the issuers to print notes on Tuesday as undulations in U.S. Treasury rates made for a mixed session for emerging markets assets.
“Busy day, all told,” a London-based trader said. “The 2.42% on the 10-year Treasury has brought some paper out. Although, as usual, there are enough squeezed technical bonds out there that remain. I get the sense they are slowly but surely being taken out.”
Spreads were “all over the place, depending on flows,” he said. “Liquidity remains challenging and, as I keep barking on about, cannot improve into Ramadan and summer, which are drawing closer and closer.”
Looking to Latin America, spreads were mixed for low-beta bonds, which moved to their widest points by late in the day, a New York-based trader said.
In deal-related news, China’s Haikou Meilan International Airport and Peru’s Lima Metro Line 2 Finance Ltd. gave guidance while market sources whispered about a possible $1 billion issue from Pakistan in 2016.
Also, the $300 million issue of 3¼% notes that Korea Hydro & Nuclear Power Co. priced on Monday drew a final order book of $1.25 billion from 80 accounts, a market source said.
China-based Zhongrong International Trust Co. Ltd.’s new $225 million 6% notes due June 15, 2018 that priced Monday saw a final order book at $575 million from 64 accounts.
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