Russian Railways sells notes; Burundi’s TDB plans marketing trip; Guatemala seeks issuance

By Christine Van Dusen

Atlanta, Feb. 27 – JSC Russian Railways priced notes – while Eastern and Southern African Trade and Development Bank (TDB) and Guatemala advanced deals – on a strong Monday for emerging markets assets, with Asian markets improving even as the Chinese government investigated whether speculation has distorted commodity futures prices.

“While developed markets have gone somewhat into a risk-off mode with concerns on the upcoming European elections and ahead of Trump’s speech in Congress tomorrow, the backdrop for emerging markets has remained strong, reflected by further inflows and the strong performance last week, notably in higher-yielding sovereign paper,” a London-based analyst said.

On Monday, some market-watchers were keeping an eye on Turkey, which could soon see its bonds improve, a trader said.

Additionally, investors were watching Saudi Arabia while the king visited Malaysia and planned to travel to other Asian nations to strengthen ties and attract investment.

“In the meantime, a new head has been appointed to the kingdom’s debt management office, following the sudden departure of his predecessor, which was also seen as a reason for the postponement of the planned bond or sukuk sale in the first quarter,” the analyst said.

Croatia-based Agrokor saw its bonds fall as a result of the company’s conflict with Serbian electricity providers.

In other news, Guatemala is looking to issue dollar-denominated and benchmark-sized notes, a market source said.

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