Roadshow for Ahli United Bank; Asian bonds firm; SECO sees demand; Petrobras under pressure

By Christine Van Dusen

Atlanta, April 13 – Bahrain’s Ahli United Bank set a roadshow for a dollar-denominated issue of notes on a firm Monday for Asian bonds, with high-grade cash notes closing unchanged to 3 basis points tighter.

“Demand from real-money accounts continued to drive the market tighter in the absence of new issue,” a London-based trader said.

High-grade property companies from China continued to outperform, closing 2 bps to 10 bps tighter, he said. And high-yield property companies from China saw mostly buyers and finished the session up ¼ point to ½ point.

“India is generally unchanged, with good demand in short-end financials,” he said. “High-yield sovereigns closed unchanged to ¼ point lower on light flows.”

Meanwhile, trading was “fairly lackluster” for Middle Eastern bonds on Monday, though spreads generally performed as rates dipped slightly, the trader said.

“Still seeing topping up on perpetuals and even some high-yield names, although liquidity is getting a tad challenging on the latter,” he said. “The long end still has support, even in the face of rates trading off.”

In other trading, Latin American bonds got off to a “sleepy start” on Monday, a New York-based trader said.

The few Street prints he saw during the morning session were from Brazil-based Petroleo Brasileiro SA, Brazil’s Vale SA and Mexico’s Cemex SAB de CV, which all traded close to their closing prices from Friday.

© 2015 Prospect News.
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