High volumes at quarter-end; Lat-Am mixed; Isbank trades; Global Ports, Eldorado eye deals

By Christine Van Dusen

Atlanta, March 31 – Emerging markets assets put in a hectic, high-volume session on a volatile Thursday as, at quarter-end, investors awaited new payrolls data from the United States.

Latin American bonds once again saw varying degrees of performance, with names like Brazil’s Gerdau SA climbing higher, a New York-based trader said.

Also moving up were Brazil-based Vale SA, banks from Colombia, and Colombia’s Ecopetrol SA.

“And there are credits that are struggling to hold recent gains,” he said. “Brazil-based Braskem SA has moved lower again today, and there has been better selling throughout this week, as the market might be thinking they have a few skeletons in the closet, given their ties to a local corruption scandal.”

The new issue of notes from Turkey’s Turkiye Is Bankasi AS (Isbank) – $750 million 5 3/8% notes due 2021 that priced at 99.540 to yield mid-swaps plus 420 bps – opened on Thursday at 99.80 bid, 100.05 offered, a trader said.

“The new Isbank opens firm as we continue the risk-on theme,” another trader said.

In deal-related news, Russia-focused Global Ports Investments plc will commence a roadshow on Friday for a possible issue of notes, a market source said.

Brazil’s Eldorado Brasil Celulose SA is looking to issue $500 million of notes this year, a market source said.

© 2015 Prospect News.
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