Mexico’s Bancomext, Norilsk Nickel do deals; spreads narrow a bit; IDBI seeks to issue

By Christine Van Dusen

Atlanta, Oct. 6 – Mexico’s Banco Nacional de Comercio Exterior, SNC, Institucion de Banca de Desarrollo (Bancomext) and Russia’s OJSC MMC Norilsk Nickel sold notes on Tuesday as investors in Asian credits embraced risk, with cash bonds holding on to gains and most spreads tightening slightly.

China-based Cnooc Ltd. saw its 2025s trade as tight as 187 basis points before closing the early session at 191 bps bid, 188 bps offered, 8 bps tighter.

“Korea closed a couple tighter, as it lacked real-money support given the all-in yields are still too low,” a trader said. “India was 3 bps to 5 bps tighter, with buyers in five-year financials.”

As the day went on, trading was “very active” for Asian assets, another trader said.

Still, volume was mostly light for Asian assets, he said.

Bonds from Turkey opened a few basis points tighter on Tuesday, with better prints in the belly of the curve, after trading on Monday with balanced demand and as much as 25 bps of curve tightening, a trader said.

Debt spreads from Latin America moved a little bit tighter on Tuesday, with Brazil’s five-year credit default swaps spreads closing at 410 bps from 412 bps and Mexico’s at 150 bps from 152 bps, a New York-based trader said.

In other news, India’s IDBI Bank Ltd. is looking to issue dollar-denominated notes sometime between mid-November and January, a market source said.

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