Investors eye Greece, Ukraine, Fed; America Movil, ADCB on roadshows; Costa Rica deal ahead

By Christine Van Dusen

Atlanta, Feb. 19 – Latin American corporate bonds saw consistent buyers and steady improvement on Thursday as emerging markets investors closely watched Greece and Ukraine and digested the news that the Federal Reserve may raise interest rates later than expected.

Credit default swaps spreads from Russia widened 5 basis points on Thursday morning after tightening as much as 20 bps on Wednesday, a London-based analyst said.

From Turkey, credit default swaps spreads opened 1 bp tighter, while sovereign cash bonds were 5 bps wider on the move in rates, he said.

Many bonds from Central and emerging Europe were 3 bps wider on Thursday morning, he said.

Notes from the Middle East put in a busy session on Thursday, a London-based trader said, with most spreads retaining gains after the Federal Open Market Committee notes were released.

Mexico’s America Movil SAB de CV will depart Friday for a roadshow to market a peso-denominated issue of notes.

Costa Rica has mandated Deutsche Bank and HSBC as the bookrunners for up to $1 billion of 30-year notes that are expected to be issued by the end of this year.

And Abu Dhabi Commercial Bank PJSC will set out on Feb. 23 for a roadshow to market a dollar-denominated and benchmark-sized issue of notes.

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