Primary sees Emirates, ColTel, Astra Sedaya, Beijing Capital deals; Hikma sets roadshow

By Christine Van Dusen

Atlanta, March 25 – Dubai-based Emirates, Colombia Telecomunicaciones ESP (ColTel), Indonesia’s PT Astra Sedaya Finance and China’s Beijing Capital Group Co. Ltd. sold notes on Wednesday as Asian bonds softened, with high-grade cash names widening slightly.

The recent issue of notes from Singapore’s BOC Aviation Pte. Ltd. – 3% notes due 3030 that priced at 99.458 to yield 3.118%, or Treasuries plus 170 basis points – saw profit-takers and moved down to 163 bps before closing the Asian session at 165 bps bid, 162 bps offered, a trader said.

“New issues were mixed,” he said.

Korea’s Hyundai Capital Services’ new 2 5/8% notes due 2020 that priced at 99.848 to yield Treasuries plus 125 bps traded Wednesday at 121 bps bid, 118 bps offered, unchanged from the previous day, he said.

From China, most high-grade property bonds were firm on Wednesday, though China Overseas Land and Investment’s 2024s traded lower, even after the company received an asset injection from its parent company.

“Korea was 1 bp to 2 bps wider,” he said. “India closed unchanged, with the short end repriced 5 bps tighter after the wave of buying yesterday.”

In other news, Jordan’s Hikma Pharmaceuticals plc has mandated Citigroup, Barclays, HSBC and National Bank of Abu Dhabi to lead a roadshow for a dollar-denominated issue of notes, according to a company announcement.

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