Poland preps deal; Asian paper mostly unchanged; Petrobras tightens; Paraguay plans bonds

By Christine Van Dusen

Atlanta, March 30 – Poland set talk for an issue of euro-denominated notes on Monday as trading of Asian bonds quieted and sellers of Latin American debt outpaced buyers.

Prices for high-grade paper were unchanged, a London-based trader said, while short-dated notes from Chinese property companies saw some demand on rumors that mortgage policies could loosen.

“But the sector closed the day unchanged,” he said.

Paper from Asian financial companies were better offered after five state-owned banks reported that their non-performing loans grew about 35% in 2014, he said.

“Korea and India closed unchanged while momentum in Malaysia remained,” he said.

Still, the curve for Malaysian oil company Petroliam Nasional Bhd. (Petronas) was unchanged.

“Banks are unchanged to 3 basis points tighter,” he said.

And high-yield sovereigns ended the Asian session unchanged to ¼ point higher, with some selling pressure after the London open, he said.

From Latin America, trading was fairly slow and sellers outpaced buyers on a firm but cautious Monday morning, a New York-based trader said.

Brazil-based Petroleo Brasileiro SA saw its bonds tighten slightly, even as the company continued to grapple with a corruption scandal.

Looking to the Middle East, spreads were mixed and flows were moderate on Monday as the market moved into month-end, a London-based trader said.

And Paraguay is looking to issue bonds by the end of this year or in early 2016, a market source said.

© 2015 Prospect News.
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