Deals from Senegal, Otto Marine; Russia remain in focus; Middle Eastern bonds get support

By Christine Van Dusen

Atlanta, July 23 –Senegal and Singapore’s Otto Marine Ltd. sold notes on Wednesday amid concern that the European Union could institute further sanctions on Russia.

“The European Union held a meeting last night but will not make any decisions on sanctions until Thursday,” a London-based analyst said. “Nonetheless, we have heard politicians speak of restricting capital market access and targeting the financial and energy sectors.”

New sanctions aren’t expected to be sizable, though, she said.

“Russia is opening relatively firm this morning, with two-way action and bonds generally a little tighter,” she said.

Bonds from the Middle East saw some support in the secondary market on Wednesday, with traders struggling to find paper from such names as Saudi Electricity Co. and Abu Dhabi National Energy Co., a London-based trader said.

Demand was also seen for 10-year paper from Dubai’s Emaar Malls Group, he said.

“The Abu Dhabi, Qatar and Saudi Arabia complex is all supported,” he said, adding the market was “finally seeing some interest in the Kuwaiti complex, with Kuwait Projects Co.’s 2020s off the lows.”

Burgan Bank also saw some demand, he said.

“Bahrain was heavy late yesterday on further rumors of supply, though there’s nothing official that I’ve seen,” he said. “Bahrain has had a tough run lately.”

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