Malaysia, Morocco’s OCP sell notes; oil companies get boost; investors digest Asian issues

By Christine Van Dusen

Atlanta, April 15 – Malaysia and Morocco’s Office Cherifien de Phosphate (OCP) sold notes during a good session for energy companies and a slightly weaker day for Asian bonds.

“Good day for oil, highlighted by the tightening in Russia and oil-related credits, versus the weakness South Africa and Turkey,” a London-based trader said.

Asian bonds were somewhat softer on Wednesday as investors digested new issues and awaited more, a trader said.

“High-grade cash closed the day 1 basis point to 3 basis points wider, with selective underperformers,” he said, pointing to China-based Tencent Holdings Ltd.’s 2025s.

Notes from Korea were firm on Wednesday while India’s paper was mixed, with corporates tightening slightly and financials softening, he said.

“Philippines’ curve held in unchanged, but 1 bp to 2 bps wider on spread as U.S. Treasuries rallied,” he said. “The Indonesia curve was heavy throughout the day, with real-money accounts trimming exposure. The curve closed down a half-point, 2 bps to 5 bps wider on spread.”

From the Middle East, prices firmed up on the back of the move in rates, with Lebanon a particular standout, a London-based trader said.

“Perpetuals are balanced and maybe tired after a solid week,” he said, noting that more supply is on the horizon.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.