Bharat Petroleum sees buyers; Korean bonds sell off; Latam, Sinopec, AFC, Kosep plan deals

By Paul A. Harris

Portland, Ore., April 5 – Recent issues were dominating secondary market action in the New York morning, according to traders.

Among Asian high-grade names, Bharat Petroleum Corp. Ltd.’s 4 3/8% notes due Jan. 17, 2027 were seeing better buyers.

Korean bonds sold off somewhat on the news of the latest North Korean missile test.

However, there were selective buyers in the Korea National Oil Corp. 2½% notes due 2026, a source said.

Fast money accounts were looking for Asian paper early in the session, but the market seems well offered, the source said.

High-yield sovereign names, Philippines and Indonesia were unchanged to 1 basis point tighter.

In the primary market Chile’s Latam Airlines Group SA is guiding a to-be-determined amount of dollar-denominated seven-year notes (B+/B+) in the low 7% area, according to a market source. The offer is expected to price on Thursday.

Elsewhere, Sinopec announced a benchmark offering of dollar-denominated notes in three tranches.

Nigeria’s Africa Finance Corp. (AFC) was set to wind up a roadshow today in Asia and the United States. The Lagos-based infrastructure-financing entity is attempting to place dollar-denominated seven-year notes.

And Korea South-East Power (Kosep) guided a dollar-denominated offering of three-year bonds (Aa2) at Treasuries plus 110 bps.

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