Hrvatska Elektroprivreda sells notes; Asian bonds flatten; Brazilian corporates outperform

By Christine Van Dusen

Atlanta, Oct. 20 – Croatia’s Hrvatska Elektroprivreda dd sold notes on a Tuesday that saw Asian bonds move very little, Brazilian corporates rally and most other Latin American spreads head wider as investors digested the upsized issue of bonds from Uruguay.

Corporate bonds from Brazil traded well, even as the sovereign curve weakened, a New York-based trader said.

Brazil’s five-year credit default swaps spreads moved to 480 basis points from 457 bps, while Mexico’s widened to 157 bps from 151 bps.

Venezuela’s 2027s closed at 43 from 43.25, and PDVSA’s 2017s finished at 70.75 from 70.65.

“Not much of an explanation for the weakness in today’s market,” another trader said.

Asian bonds opened mostly unchanged on Tuesday morning, with two-way activity seen for China-based Cnooc Ltd., a trader said.

Malaysia’s Petroliam Nasional Bhd. (Petronas) saw some profit-taking for its 2025s, he said.

Investment-grade financial companies put in “another lackluster session” on Tuesday morning, “with broader cash unchanged to a couple tighter,” he said.

Banks from India were a couple of basis points firmer, he said, while “Korea banks are unchanged, with only Woori Bank’s 2024 trading wider.”

Meanwhile, Tianjin Eco-City Investment and Development Co., Ltd. was on a roadshow for a renminbi-denominated issue of notes, a market source said

Mexico’s Nacional Financiera, SNC (Nafin) will depart on Thursday for a roadshow to market a dollar-denominated issue of green bonds, a market source said.

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