Russia’s Renaissance Financial, Kenya plan roadshows for week ahead; Mongolia bonds weaker

By Aleesia Forni

New York, April 1 – Kenya and Renaissance Financial Holdings Ltd. announced plans to hold investor meetings next week ahead of possible bond offerings, while the Labor Department reported better-than-expected jobs data on Friday.

Nonfarm payrolls increased 215,000 during the month of March.

Meantime, a trader noted that flows continued their week-long theme of “bid smalls and offer way more.”

“The continued need to invest cash coupled with the week’s move in [U.S. Treasuries] is driving this market higher,” he said. “As much as curves are looking too flat and some valuations are looking stretched, the momentum is stopping any serious profit taking for now.”

In the secondary market, Mongolia’s recent $500 million 10 7/8% notes due April 6, 2021 that priced Tuesday at par were seen around ¼ point wider on the day, a market source said.

Moscow-based Renaissance Financial Holdings (B-/B-) mandated Renaissance Capital and UBS Investment Bank to arrange a roadshow during the April 4 week, according to a market source.

A bond offering may follow subject to market conditions.

The meetings will take place in Switzerland and London on April 6 and April 7.

And Kenya announced that it has mandated Barclays, Citigroup Global Markets Inc. and Standard Chartered Bank to arrange investor meetings on April 5.

The meetings will take place in London.

Christine Van Dusen contributed to this review.

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